Kalo & Associates has advised OTP Bank Albania on the merger of its local operation with Alpha Bank Albania, with the resulting outfit to continue as OTP Bank Albania.
According to OTP Bank, “the result of this merger reduces the total number of banks in the country to 11 from 12. This positions OTP Bank Albania as the fifth largest bank in the country in terms of assets and the third in terms of credit portfolio. Processions and integration of OTP Bank Albania and Alpha Bank Albania are expected to last until the end of 2023.”
Additionally, according to the bank, “as a result of the legal merger, in total assets, the market share of the OTP Group in Albania has reached 11%, and the portfolio of credit clients has increased by a factor of two. Based on the latter, OTP Bank Albania has become the third largest player in the market with 16.3% of the market.”
The merger took place following OTP's acquisition of Alpha Bank in Albania from its Greek parent company for EUR 55 million back in July (as reported by CEE Legal Matters on July 27, 2022). Kalo & Associates advised the sellers in that transaction.
The Kalo & Associates team was led by Partner Aigest Milo.