Union Bank was established in

Albania Albania ( ; sq, Shqipëri or ), or , also or . officially the Republic of Albania ( sq, Republika e Shqipërisë), is a country in Southeastern Europe. It is located on the Adriatic and Ionian Seas within the Mediterranean Sea and shares ...

on January 11, 2006, as the second bank with Albanian capital. The head office is located in

Tirana Tirana ( , ; aln, Tirona) is the capital and largest city of Albania. It is located in the centre of the country, enclosed by mountains and hills with Dajti rising to the east and a slight valley to the northwest overlooking the Adriatic Sea ...

. In 2017 it employed 349 people and had 31 branches throughout Albania. In 2021, Union Bank had a market share of 4.53%, making it the 8th largest bank in Albania.

History

Union Bank was founded in 2005 by the Union Financiar Tirane (Financial Union of Tirana - UFT). The initial capital was 17.6 million EUR and the bank had 7 branches in

Durrës Durrës ( , ; sq-definite, Durrësi) is the second most populous city of the Republic of Albania and seat of Durrës County and Durrës Municipality. It is located on a flat plain along the Albanian Adriatic Sea Coast between the mouths of ...

Elbasan Elbasan ( ; sq-definite, Elbasani ) is the fourth most populous city of Albania and seat of Elbasan County and Elbasan Municipality. It lies to the north of the river Shkumbin between the Skanderbeg Mountains and the Myzeqe Plain in central Al ...

, Fushë Krujë and

Fier Fier (; sq-definite, Fieri) is the seventh most populous city of the Republic of Albania and seat of Fier County and Fier Municipality. It is situated on the bank of Gjanica River in the Myzeqe Plain between the Seman in the north, the Vjos ...

. In 2008 the

EBRD The European Bank for Reconstruction and Development (EBRD) is an international financial institution founded in 1991. As a multilateral developmental investment bank, the EBRD uses investment as a tool to build market economies. Initially foc ...

bought 12.5% of the shares, becoming the 2nd largest shareholder, while the other 87.5% is owned by the Albanian shareholders In 2008 the Bank's total assets exceeded 100 million EUR. In the following years, the total assets further increased, reaching the amount of 256 million EUR in 2014. The Bank's main strategy is to further expand its network and increase its lending activities, with particular focus on the SME sector. The

helps Union Bank, by developing and financing its portfolio and strengthening the bank's funding base.

Mergers and acquisitions

LandesLease acquisition

In November 2014 Union Bank announced the acquisition of 100% of the shares of the local leasing company LandesLease. LandesLease has operated in the Albanian financial market since 2005, and since 2014 has acted as a subsidiary of Union Bank. The acquisition was made from Emerging Europe Leasing Finance who at the time owned 72% stake in the company, the rest owned by local investors. In 2014, LandesLease had 15% market share in the Albanian leasing market, financing more than 350 cars, and annual revenues of Eur 1.8 million.

International Commercial Bank (ICB) acquisition

In November 2018 Union Bank, Albania's eighth-biggest bank, bought International Commercial Bank (ICB), a smaller Malaysian-owned bank. This acquisition followed a trend of consolidation in the Albanian banking system, as the number of commercial banks had been brought down to 13 from 16 the previous year. Founded in January 1997 International Commercial Bank (ICB) consists of assets worth $96.6 million and employs over 90 people as of 2018. After the acquisition, Union Bank had assets of over $560 million and around 4.5% market share.

References

External links

* * * {{Authority control Banks of Albania Banks established in 2006 Albanian brands Buildings and structures in Tirana