Societe Generale buys 75 percent of Albanian bank

20th April 2007, Comments 0 comments

PARIS, April 19, 2007 (AFP) - French banking group Societe Generale said Thursday it had acquired 75 percent of the capital of the private Albanian bank Banka Popullore.

PARIS, April 19, 2007 (AFP) - French banking group Societe Generale said Thursday it had acquired 75 percent of the capital of the private Albanian bank Banka Popullore.

No financial details were available of the purchase from around 30 founding shareholders in the company.

"This acquisition is part of the development strategy of Societe Generale, a major player in the universal banking sector in southeastern Europe," the French bank said in a statement.

The transaction does not include an obligation for Societe Generale to launch a public offer for the rest of the shares, a group spokesman said.

Created in 2004, the Albanian bank holds a 5.0 percent market share in Albania, with a network of 30 branches that serve 42,000 customers. It was managing assets worth 230 million euros (313 million dollars) at the end of 2006.

The French bank already has subsidiaries in Serbia, Montenegro, Croatia and Slovenia.

The acquisition is subject to clearance from the Albanian authorities.


Copyright AFP

Subject: French news

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