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

Reuters

ATHENS -Alpha Bank, one of Greece’s four largest banks, has agreed to sell its Albanian unit to Hungary’s OTP Bank, it said on Monday.

OTP Bank will pay 55 million euros ($62.05 million) to buy a 100% stake in the asset, Alpha Bank said.

Greek banks have been working to reduce a pile of about 30 billion euros in bad loans, the legacy of a decade-long financial crisis which shrank Greece’s output by a quarter.

Related News:   New Restaurant Joins Brick Township's Business Tax Relief Program

The deal will create a leading banking group in Albania, which will hold a sahres of about 11% in the market based on assets, Alpha Bank added.


The transaction is expected to be completed in 2022.


($1 = 0.8864 euros)

(Reporting by Lefteris Papadimas and Angeliki Koutantou, Editing by Louise Heavens)

tagreuters.com2021binary_LYNXMPEHB507V-BASEIMAGE

You appear to be using an ad blocker

Shore News Network is a free website that does not use paywalls or charge for access to original, breaking news content. In order to provide this free service, we rely on advertisements. Please support our journalism by disabling your ad blocker for this website.