Alpha Bank agrees to sell Albanian unit to Hungarian OTP


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 to buy a 100% stake in the asset, Alpha Bank said.

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

The transaction is expected to be completed in 2022. [Reuters]