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“Unioni Financiar Tiranë” (FUT), is the major shareholder holding 95% of “Banka Union”. FUT is also known as the representative of Western Union Financial Services Inc (UTF) for Albania, Kosova and FYROM. In their opinion, some Albanian banking experts expect “Banka Union” to become one of the most important banks in the Albanian market.

According data from UFT, at least half a million Albanians use the money transfer services of Western Union. According to the same data, UFT has more than 250 offices spread throughout Albania, Kosova and FYROM.

Since 1995, when UFT commenced operations as Western Union’s agent, the company has known a very fast growth.

Currently, there are more then one million Albanians working abroad whom send money to their families. According to Bank of Albania estimates, emigrant remittances are at more then USD 1 billion.

This is the country’s third domestically owned bank (the third such bank) bringing the total number of second tier banks operating in Albania to 17.

A correction to our news:
Union Bank in not a branch of Western Union nor does it currently have any direct contractual relationship with Western Union. Furthermore, Western Union holds no stake in the Union Bank, either directly or indirectly. Union Bank’s majority shareholder, Financial Union of Tirana (FUT), is a representative of Western Union. It is in this role that FUT offers Western Union services.

(AENews Staff apologizes and thanks Western Union for helping us correct it)