After the sale of Veneto Bank, another second-tier bank will be sold.Societé Générale Albania, the fifth largest bank of the Albanian banking system is finalizing its purchase by Hungarian bank OTP. According to Monitor, Societé Générale is selling all of its subsidiaries in the region. The Albanian branch will be sold alongside the Bulgarian one.
Besides Albania and Bulgaria, Societé Générale is also leaving Montenegro, Macedonia, and Serbia as the banking market in these countries is not sufficiently appealing.
According to the latest data from the Albanian Association of Banks, Societé Générale holds 6.2% of the country’s deposits, 8.5% of the loans and 5.6% of the total banking system activity.
Societé Générale has been operating in Albania since 2007.
Meanwhile, ABI Bank, with prime minister Edi Rama’s wife Linda Rama on the board, is greatly expanding its activities in Albania.