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Greece’s Alpha Bank agrees to sell Albanian unit to OTP Bank -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This is a woman walking past Alpha Bank logo, Athens 26 March 2014. REUTERS/Yorgos Karahalis/File Photo

ATHENS (Reuters). ATHENS (Reuters). ATHENS -Alpha Bank is one of Greece’s largest banks and has announced that it will sell its Albanian operation to OTP Bank in Hungary.

Alpha Bank stated that OTP Bank will spend 55 million euros (or $62.05 million) in order to purchase a 100 percent stake in the asset.

The legacy of the ten-year-old financial crisis that slowed Greece’s economy by 25%, Greek banks are working hard to get rid of 30 billion euro worth of bad loans.

Alpha Bank said that the deal would create an Albanian banking giant. It will have a market share of around 11% based on assets.

This transaction should be complete by 2022.

($1 = 0.8864 euros)

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