United Bank of Albania plans a digital turnaround amid losses
The country’s Islamic bank has struggled in recent years, despite support from the Islamic Development Bank.
When Bosnian Amel Kovačević took over as CEO of United Bank of Albania (UBA) in 2020, the institution recorded a loss of over 356.6 million Albanian Lek ($3.3 million), falling from a 30.7 million Lek ($0.3 million) profit in 2018 and 8.7 million Lek ($0.08 million) in 2019.
Speaking to Salaam Gateway, Kovačević confirmed that the 1994 founded bank has started a comprehensive turnaround exercise to transform UAB into a progressive and modern Islamic bank.
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