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Albania’s c-bank clears sale of ICBank to Union Bank

Albania’s c-bank clears sale of ICBank to Union Bank Kritchanut/Shutterstock.com

TIRANA (Albania), March 14 (SeeNews) – Albania's central bank said it has granted a preliminary approval for the sale of International Commercial Bank (ICBank) - a subsidiary of Swiss-based ICB Financial Group Holdings, to local Union Bank.

The approved transaction involves 100% of the voting shares of ICBank, Bank of Albania said in a statement on Wednesday.

The price of the deal was not disclosed. In January, the transaction was approved by Albania's competition authority.

Union Bank was the eighth largest bank in the country, holding 3.4% of the banking system's total assets at the end of September 2018, according to data published by the Albanian Association of Banks (AAB) in January. ICBank held 0.7% of total assets with a network of six branches and 94 employees.

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