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Eurosig Sh.a becomes the sole shareholder in the United Bank of Albania, thanks to the initiative of the President of the Eurosig-Insig-UBA Bank Group, Mr. Kadri Morinaj. In the agreement signed on December 21, 2023, it was agreed upon the acquisition of all shares of the Islamic Development Bank (IDB).

The President of EUROSIG-INSIG-UBA BANK Group, Mr. Kadri Morinaj, expressed that today is a historic day. In his speech, he thanked the representative of IDB for the excellent collaboration during this 5-year period and greeted colleagues from the Islamic Development Bank for the undertaken reforms.

The Albanian insurance company Eurosig entered the shareholding structure of the bank in 2019, initially acquiring a minority stake, and gradually increasing its participation, replacing the Islamic Development Bank. Eurosig’s investment in UBA Bank aims at systematic development, focusing on the retail segment as a fundamental part of the growth objective in the banking sector.

Last year, United Bank of Albania became the fifth bank with Albanian controlling capital, after the official approval of the Bank of Albania regarding the acquisition of 51% of shares by Eurosig in August. In November 2022, Eurosig increased furtherly its participation in the United Bank of Albania, acquiring an additional 4.3% of shares from the Bahrain-based Ithmaar Bank. In December 2022, Eurosig independently financed a capital increase of three million euros, bringing its participation to over 66% of shares.

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