Alfa Finance Holding Acquires Macedonian International Private Bank AD Skopje

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98.29 % of the capital of International Private Bank AD, Skopje was acquired by Alfa Finance Holding today, the company announced in a press release.

The new owner’s strategy includes restructuring and re-branding of the bank. Considerable investments in new technologies and human resources are planned, as well as expansion of the existing customer base and product mix. The objective is to attain greater efficiency of activities, adequate growth of its market share through application of good European practices and coverage of niche financial services.

“The acquisition is in compliance with our strategy to maintain strong growth of the Group by performing suitable acquisitions in the entire SE European region. Alfa Finance Holding has accumulated serious experience in Bulgaria in the field of investment banking and stock markets, which we can successfully apply in Macedonia”, stressed the Executive Director of the Holding’s financial part, Financia Group AD, Mr. Stanimir Krustev. “The investments earmarked are justified – the present state of the financial markets in Macedonia presupposes good growth prospects, and the inevitable deepening of the economic relations between the two countries shall be instrumental in the development of banking business”, he added.

Alfa Finance Holding AD is a financial holding, with three main directions of activities – financial services, real estates, industrial minerals. Parallel, investments are also developed in the field of logistics, construction and telecommunications. Alfa Finance Holding AD is undergoing a process of consolidation of its business in the field of financial services in a new sub-holding, Financia Group AD. The Group will comprise the leading broker on the Bulgarian Stock Exchange - Bulbrokers AD, the forex-market broker - STS Finance AD, the company for rendering advice in the field of corporate finance - Bulbrokers Consulting, the management company Alfa Asset Management AD, and the company for securitization of receivables - Alfa Credit ADSIC.
The Group is actively involved in Bulgaria and Southeast Europe. Around 3,000 employees work within the Alfa Finance Holding AD’s structure. The Group manages assets to an amount exceeding EUR 500 mln.

International Private Bank AD, Skopje is a leading bank on the Macedonian market in the field of credit cards.

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