OTP Bank has agreed to purchase Alpha Bank’s Albanian unit.

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Alpha Bank, one of Greece’s four largest banks, announced on Monday that it has agreed to sell its Albanian unit to Hungary’s OTP Bank.

According to Alpha Bank, OTP Bank will pay 55 million euros ($62.05 million) for a 100 percent stake in the asset.

Greek banks have been working to reduce a mountain of bad loans totaling about 30 billion euros, the result of a decade-long financial crisis that reduced Greece’s output by a quarter.

According to Alpha Bank, the transaction will create a leading banking group in Albania, with a shares of about 11% in the market based on assets.

Story by : Norvisi Mawunyegah