The American Bank of Investments plans to buy two other banks in Albania, the National Bank of Greece and Tirana Bank. Should these purchases end successfully, ABI would become the third biggest bank in Albania, but its plans for expansion have alarmed the International Monetary Fund (IMF).

In the declaration for the closure of its mission in Albania, IMF warned for a conflict of interest in the banking system.

"In order to lower the risks, the Bank of Albania must ensure that the new banks that require licenses meet the legal criteria, possess the necessary banking expertise and exclude conflicts of interests”, IMF said.

Confidential sources told Syri.net IMF insisted on making such a warning in public.

ABI Bank is a precedent in Albania’s banking system, the only one with untraceable assets, because it comes from fiscal havens. In addition, PM Edi Rama’s wife is a member of its BOD.

Is ABI using its close connections to the government to strengthen its positions in the market? This is a suspicion not only of the Albanian opposition but from the IMF as well.

The regulation does not allow the Bank of Albania to license banks with unknown shareholders from fiscal havens.

For that reason, IMF felt obligated to raise the voice publicly, warning the Bank of Albania not to license banks with conflicts of interests.
SYRI.net