Sale of Tirana Bank by Piraeus to Balfin Group and Komercijalna Banka (2018-2019)
Status: Completed (March 2019).
Summary
Piraeus Bank sold its 98.83 percent stake in Tirana Bank for EUR 57.3m to Balfin Group (Albanian, owned by Samir Mane) and Komercijalna Banka (North Macedonia). The deal was part of an EU-backed Greek restructuring. The Bank of Albania's Supervisory Council granted preliminary approval on 6 Feb 2019 (Balfin to hold 88.95 percent of voting shares; Komercijalna 9.88 percent), conditional on approval from the Hellenic Financial Stability Fund. The Competition Authority cleared the concentration in Decision No. 580 (17 Jan 2019). Piraeus announced completion on 4 Mar 2019 after receiving Albanian (including BoA) and Greek approvals.
The Governor chairs the Supervisory Council, so the decision was taken under his chairmanship, but the search found no public criticism of this specific approval by the opposition, media or any official body. Whether any political connection exists between Balfin and the governing party is unproven.
Key facts
- Price: EUR 57.3m (SeeNews; Piraeus release).
- BoA Supervisory Council decision 6 Feb 2019: preliminary approval, Balfin 88.95 percent voting shares, Komercijalna 9.88 percent (BoA decision page).
- Competition Authority Decision No. 580, 17 Jan 2019.
- Piraeus completion: 4 Mar 2019.
The record
Four lists kept apart on purpose: what is established, what is only alleged, what is still open, and what those concerned said.
What is proven (1)
Established by documents or official records, as stated in the research. A recorded charge or indictment proves only that the accusation was made.
- The sale closed in March 2019 with Albanian and Greek regulatory sign-off (Piraeus, BoA decision, Competition Authority).
What is alleged (0)
Accusations, not findings. Those accused are presumed innocent.
Nothing recorded in this list.
Open questions (3)
- Whether the Bank's approval examined the buyers' source of funds and political exposure in the way it would for a sale to an unknown buyer (BoA decision text not read in full).
- Samir Mane's and Balfin's political ties: no documented link to PS or to the Prime Minister found.
- Whether Tirana Bank's shares were later transferred or pledged (not checked).
Responses (1)
Responses of the people and organisations concerned, as recorded.
- None from Sejko or the Bank found for this deal.
Figures
Money trail →Price for Piraeus's 98.83 percent of Tirana Bank
€57,300,000
contractSource label: Officially reportedStated definition: Headline price as reported by SeeNews and Piraeus; not checked for adjustments.
Date: Aug 2018 · Payer: Balfin Group and Komercijalna Banka · Payee: Piraeus Bank
- Albania's Balfin, Macedonia's Komercijalna Banka to buy Tirana Bank from Piraeus (opens in a new tab)SeeNews · Aug 2018 · journalism · EN
Timeline
Full timeline →Other
Competition Authority clears Tirana Bank sale to Balfin (Decision 580)
Concentration review for acquisition of 98.83 percent of Tirana Bank.
Government
Bank of Albania Supervisory Council gives preliminary approval for Balfin and Komercijalna to acquire Tirana Bank
Balfin 88.95 percent, Komercijalna 9.88 percent of voting shares; conditional on Hellenic Financial Stability Fund approval.
Other
Piraeus completes sale of Tirana Bank to Balfin and Komercijalna Banka
Piraeus says it has the required Albanian (incl. BoA) and Greek (HFSF) approvals.
Connections
HYPOTHESIS: Bank sales approved under the governor's chairmanship favoured connected buyers. See hypotheses[] hyp-bank-sales-connected-buyers. Speculation, not established.
Evidence: Pattern only: several sales approved 2018-2021; buyers include a large Albanian group (Balfin) and a fund-linked group (Tranzit/ABI). No documented political link found.
Sources for this record
Every source the research cites for this record, grouped by its source label. 4 sources.
Source label: VerifiedVerified · 4 sources
- Publisher
- Piraeus Holdings
- Date
- 4 Mar 2019
- Publisher
- Bank of Albania
- Date
- 6 Feb 2019
- Publisher
- Competition Authority of Albania
- Date
- 17 Jan 2019
- Publisher
- SeeNews
- Date
- Aug 2018