Albania, with a population of more than three million and a GDP per capita of $1565 in 2002, is an infant economy with a significantly under-banked market. Real GDP growth reached 5.5% in 2003 and RZB analysts forecast 5.3% growth this year.
Savings Bank, which had total assets of $1.37bn at the end of 2002, was the last remaining state-owned bank and had an estimated 54% share of the banking market.
“We believe that this is a very positive signal to other international investors,” said Albanian prime minister Fatos Nano at the April 16 signing ceremony. “I expect that RZB’s commitment will increase the competitiveness of the Albanian banking sector and result in an enlargement of the range of banking products.”