ECONOMY

Alpha agrees to sell its Albanian unit to OTP

alpha-agrees-to-sell-its-albanian-unit-to-otp

Alpha Bank has agreed to sell its Albanian unit to Hungary’s OTP Bank, it said on Monday.

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

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

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