American Bank of Albania
Encyclopedia
Intesa Sanpaolo Bank Albania was born on 2008 from the merger of two important Bank
s of the country Banca Italo-Albanese (founded on 1993) and the American Bank of Albania
(founded on 1998), both acquired from Intesa Sanpaolo
Group.
ABA was established in September of 1998, by the Albanian-American Enterprise Fund (AAEF) a private investment fund established by the United States government under the SEED Act of 1989, to assist Albania
in its transition to a market economy
. As at 30 December 2007, ABA had total deposits of LEK 93.4 billion, total loans of over LEK 39.7 billion, and total assets of over LEK 106.4 billion. On the 20th and 21st of December 2006, AAEF, ABA’s sole shareholder
, signed a Share Purchase Agreement and a Shareholder Agreement for the sale of 80% stake of the shares outstanding, with AAEF maintaining control of the other 20% stake, until 2009. The agreement was finalized on the 29th of June 2007, when ABA officially became a bank of Intesa Sanpaolo Group.
Banca Italo-Albanese was established in July 1993 as one of the first private bank
s in Albania. It was established as a joint venture
between the National Commercial Bank of Albania (shares were transferred to Ministry of Finance) and the Italian Banca di Roma. On 7 December 2005, Sanpaolo IMI signed the agreement for the acquisition of a stake of 80% in Banca Italo Albanese, from Capitalia
and the Ministry of Finance (40% each). The European Bank for Reconstruction and Development
(20%) retained its stake.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
s of the country Banca Italo-Albanese (founded on 1993) and the American Bank of Albania
American Bank of Albania
Intesa Sanpaolo Bank Albania was born on 2008 from the merger of two important Banks of the country Banca Italo-Albanese and the American Bank of Albania , both acquired from Intesa Sanpaolo Group....
(founded on 1998), both acquired from Intesa Sanpaolo
Intesa Sanpaolo
Intesa Sanpaolo is a banking group resulting from the merger between Banca Intesa and Sanpaolo IMI based in Turin, Italy. It has clear leadership in the Italian market and a minor but growing international presence focused on Central-Eastern Europe, the Middle East and North Africa Intesa Sanpaolo...
Group.
ABA was established in September of 1998, by the Albanian-American Enterprise Fund (AAEF) a private investment fund established by the United States government under the SEED Act of 1989, to assist Albania
Albania
Albania , officially known as the Republic of Albania , is a country in Southeastern Europe, in the Balkans region. It is bordered by Montenegro to the northwest, Kosovo to the northeast, the Republic of Macedonia to the east and Greece to the south and southeast. It has a coast on the Adriatic Sea...
in its transition to a market economy
Market economy
A market economy is an economy in which the prices of goods and services are determined in a free price system. This is often contrasted with a state-directed or planned economy. Market economies can range from hypothetically pure laissez-faire variants to an assortment of real-world mixed...
. As at 30 December 2007, ABA had total deposits of LEK 93.4 billion, total loans of over LEK 39.7 billion, and total assets of over LEK 106.4 billion. On the 20th and 21st of December 2006, AAEF, ABA’s sole shareholder
Shareholder
A shareholder or stockholder is an individual or institution that legally owns one or more shares of stock in a public or private corporation. Shareholders own the stock, but not the corporation itself ....
, signed a Share Purchase Agreement and a Shareholder Agreement for the sale of 80% stake of the shares outstanding, with AAEF maintaining control of the other 20% stake, until 2009. The agreement was finalized on the 29th of June 2007, when ABA officially became a bank of Intesa Sanpaolo Group.
Banca Italo-Albanese was established in July 1993 as one of the first private bank
Private bank
Private banks are banks that are not incorporated. A private bank is owned by either an individual or a general partner with limited partner...
s in Albania. It was established as a joint venture
Joint venture
A joint venture is a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets...
between the National Commercial Bank of Albania (shares were transferred to Ministry of Finance) and the Italian Banca di Roma. On 7 December 2005, Sanpaolo IMI signed the agreement for the acquisition of a stake of 80% in Banca Italo Albanese, from Capitalia
Capitalia
Capitalia was an Italian banking group headquartered in Rome. Capitalia was formed in July 2002 in a merger of Banca di Roma, Bipop-Carire, and Banco di Sicilia...
and the Ministry of Finance (40% each). The European Bank for Reconstruction and Development
European Bank for Reconstruction and Development
Founded in 1991, the European Bank for Reconstruction and Development uses the tools of investment to help build market economies and democracies in 30 countries from central Europe to central Asia. Its mission was to support the formerly communist countries in the process of establishing their...
(20%) retained its stake.