albania’s largest bank, the Savings Bank of Albania (Banka e Kursimeve e Shqipërisë – BK), has been bought by Austria’s Raiffeisen Zentralbank Österreich (RZB) in a tender offer for a total of $126m. The Savings Bank of Albania has the largest branch network in the country with 92 outlets, around 1000 employees and a balance sheet of $1.4bn. It also has a 56% market share of the banking sector’s assets and 63% market share of deposits.

Herbert Stepic, RZB deputy chairman, said the acquisition will complement the group’s extensive network in south central Europe, which includes Bosnia, Croatia, Romania and Bulgaria.

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