Competition Authority OKs Intesa Sanpaolo’s takeover of Veneto Banca’s Albanian subsidiary

Competition Authority of Albania has approved the purchase of Veneto Banca by the group Intesa Sanpaolo.

In a decision published on Tuesday, the Competition Authority has concluded that this concentration does not show signs of restricting competition in the Albanian market as a result of the creation or strengthening of the dominant position.

In the middle of this year, Intesa Sanpaolo Albania owned 11.25% of the banking system assets, while Veneto Bank had a modest share of just 1.8%.

After the merger, the joint market share reaches about 13%, far from a dominant position in the banking market.

The Competition Authority has argued that the transaction, carried out for the symbolic price of EUR 1, was mandatory to avoid the serious consequences that would have stemmed from Veneto Banca’s mandatory administrative liquidation procedures in Italy.

The finalization of the takeover of the Veneto Banca group by Intesa Sanpaolo will still require an approval from the regulatory authorities in all countries where groups have their subsidiaries.

In Albania, following the Competition Authority, the transfer of shares must be approved by the Bank of Albania, according to the requirements of the Law on Banks in the Republic of Albania.

SCAN

*Material i përgatitur nga portali SCAN. Ripublikimi mund të bëhet vetëm kundrejt citimit të autorësisë dhe burimit origjinal.