ABA sells 80% of its shares to San Paolo IMI

The Albanian-American Enterprise Fund (AAEF - sole owner of ABA) has reached an agreement in principal with the Group San Paolo IMI to sell 80% of the shares of the American Bank of Albania (ABA) maintaining a continuing participation of 20%, the Press Release said.

The American Bank of Albania today has opportunities to expand its activities both quantitatively and qualitatively. Albania is growing and the American Bank of Albania must lead that growth. In order to achieve that we must have critical mass and a focused strategy to be stronger and more competitive.
Our criteria to join with a major international financial institutions has been as follows:

First, the name and nature of the ABA will continue as will the participation of the AAEF in any transaction. It will be the same bank.
Second, our customers come first. This transaction will only increase the range of services we can offer our customers.
Third, we have built a team that is the best banking team in Albania. Our management and staff from top to bottom will manage the Bank. We are now able to offer our staff even more opportunities for training, education, responsibility and advancement. In addition, every employee of the Bank is a shareholder.

Fourth, this transaction will result in an increased ability to serve the country and develop the economy. We are not interested in standing still. There may be for example regional growth opportunities as the situations in Kosovo, Macedonia and Montenegro stabilize.
Fifth, capital created by any potential transaction will largely remain in Albania to further our mission on a permanent basis.
These are our criteria. We are committed to building the leading financial institution in Albania and to creating financial products that improve the lives of all Albanians. That is our mission, nothing more and nothing less.

With the increased need of financing for major infrastructure projects in Albania the American Bank of Albania will be now uniquely positioned to take advantage of the strength and specific financial knowledge of the San Paolo IMI Group in the international financial market, not only in direct financing for major projects but in the specific expertise of Bonds issues.

San Paolo IMI Group has a double A rating in the international market. It has a leading position in Italy and now is merging with Banca Intesa to create a Group with total assets of € 550 billion, shareholders equity of € 30 billion with over 6.200 domestic branches and Agencies and over 1000 foreign branches. The combine net income of the first six months 2006 is € 2,6 billion.

In Eastern Europe the Group has a presence with owned Banks in Hungary, Rumania, Slovenia, Russia, Ukraine, Croatia, Bosnia – Herzegovina, Slovakia, Serbia and already in Albania with the Banka Italo–Shqiptare.
The Group is the third largest Bank for market capitalization in the Euro zone and the fourth in lending.

With this transaction the American Bank of Albania bring into Albania the full power of a major international Banking Group for the continuing development not only of the banking system but for the country itself. / End of Press Release

Source: ABA Press Release - AENews