Alpha agrees to sell its Albanian unit to OTP

Alpha Bank has agreed to sell its Albanian unit to Hungary’s OTP Bank, it said on Monday.

OTP Bank will pay 55 million euros to buy a 100% stake in the asset, Alpha said.

The deal will create a leading banking group in Albania, which will hold a share of about 11% in the market based on assets, Alpha added.

The transaction is expected to be completed in 2022. [Reuters]