American Bank of Albania targets Greek clientele
The American Bank of Albania (ABA) is opening its second Greek branch today in Thessaloniki, according to its deputy general manager, Spyros Kordopatis. ABA, which already has an Athens branch, is targeting an increase in its Greek clientele from the present 20 percent (the rest being Albanian immigrants) with options such as a 3.5 percent rate for savings accounts. It plans to open two more branches in Greece in the next two years. «We are currently conducting market research in the large Greek cities and considering opening the next one in Patras but no decision has been made yet,» said Kordopatis. It is hoped that the Thessaloniki branch, in Monastiriou Street opposite the Albanian Consulate, will attract many of the 100,000 ethnic Albanians living in the local prefecture and just as many living in other parts of Macedonia. ABA charges only 6 euros for workers’ remittances (compared to 20 euros or more in other banks) and grants loans for houses to be built in Albania. Its Athens branch today has about 2,500 private and 70 corporate clients; deposits have reached 20 million euros and loans 10 million. «Seventy percent of all loans are mortgages, of which half are for houses in Greece and the rest in Albania,» Kordopatis said. ABA has a working relationship with ATEbank, whereby the former’s Albanian clients can send remittances home through the latter’s extensive branch network. According to Kordopatis, plans are aimed at the partnership evolving into the launch of joint products and services. ABA is 100 percent owned by the Albanian American Business Foundation, which received a «dowry» – a start-up contribution – of $30 million from the US government. It has 16 branches in Albania.
