Union Bank (Albania)
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| Company type | Private |
|---|---|
| Industry | Banking |
| Founded | 2006 |
| Headquarters | Tirana |
| Products | Banking services |
| Website | www.unionbank.al |
Union Bank was established in Albania in January 11, 2006[1] as the second bank with Albanian capital. The head office is located in Tirana. It currently employs 349 people and has 31 branches throughout Albania.[2]
History
Union Bank was founded in 2005 by the Financial Union of Tirana (UFT). The initial capital was 17.6 million EUR and the bank had 7 branches in Tirana, Durrës, Elbasan, Fushë Krujë and Fier.
In 2008 the EBRD buys 12.5% of the shares, becoming the 2nd largest shareholder, while the other 87.5% is owned by the Albanian shareholders[3] In 2008 the Bank's total assets exceeded 100 million EUR. In the following years the total assets further increased, reaching the amount of 256 million EUR in 2014.[4]
The Bank's main strategy is to further expand its network and increase its lending activities with particular focus on the SME sector. The EBRD helps Union Bank, by developing and financing its portfolio of and strengthening the bank's funding base.
Mergers and acquisitions
LandesLease acquisition
In November 2014 Union Bank announced the acquisition of 100% of the shares of the local leasing company LandesLease. LandesLease has operated in the Albanian financial market since 2005, and since 2014 has acted as a subsidiary of Union Bank. The acquisition was made from Emerging Europe Leasing Finance who at the time owned 72% stake in the company, the rest owned by local investors. In 2014, LandesLease had 15% market share in the Albanian leasing market, financing more than 350 cars, and annual revenues of Eur 1.8 million. [5]
International Commercial Bank (ICB) acquisition
In November 2018 Union Bank, Albania's eighth biggest bank has bought International Commercial Bank (ICB), a smaller Malaysian-owned bank. This acquisition is following a trend of consolidation in the Albanian banking system as the number of commercial banks has been brought down to 13 from 16 last year. Founded in January 1997 International Commercial Bank (ICB) consists of assets worth $96.6 million and employing over 90 people as of 2018. After the acquisition Union Bank will have assets over $560 million and around 4.5% market share.[6]
References
- ^ "Profil i shkurter". Unionbank.al. Retrieved 30 July 2017.
- ^ "Union Bank Sh.a.: Private Company Information - Bloomberg". Bloomberg.com. Retrieved 30 July 2017.
- ^ "Union Bank Albania". Ebrd.com. Retrieved 2017-07-30.
- ^ "Union Bank : Annual Report 2015" (PDF). Unionbank.al. Retrieved 2017-07-30.
- ^ "Union Bank blen LandesLease- Monitor". monitor.al. Retrieved 17 January 2019.
- ^ "Albania's Union Bank buys Malaysian-owned ICBank- Reuters". reuters.com. Retrieved 17 January 2019.
