Societe Generale, Banca Intesa and other banks interested in buying Banka Italo-Shqiptare
Uncategorized Monday, May 16th, 2005Tirana, May 16 (AENews) – Societe Generale, Banca Intesa and other international financial groups have expressed interest to participate in the private bid for 100 % of common shares of Banka Italo-Shqiptare, (BIA), currently one Albanian’s most important banks.
“We have attracted interest from big names in the world of finance”, Giovanni Bogani, general manager of BIA said.
Banca Monte dei Paschi di Siena, Banca Popolare Pugliese, International Commercial Bank, (IC-Bank), from Malaysia and the American Bank of Albania have all also expressed interest in buying BIA.
The bank’s ownership is shared between three owners. The Government of Albania with 40 % of shares, CAP Italia group which also owns 40 % and EBRD owning 20 %.
In late April its owners announced that they had decided to sell the bank due to low performance.
BIA reached USD 19 million operative profit in the last four years, the management team of the bank said, but the profits were used to cover under-performing as well as lost loans.
During the last four months of this year the bank has reached net profits of USD 2.17 million and shareholders equity has increased to USD 19 million, according to bank statistics. The bank now has a “fair value” of USD 23 million, according to Mr. Bogani.
Short URL: http://www.albanianeconomy.com/news/?p=6
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on May 16 2005. Filed under Uncategorized.
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