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Today on June 2nd, 2021, the American Chamber of Commerce in Albania (AmCham) in cooperation with the Albanian Securities Exchange (ALSE) and Grant Thornton Albania organized with its members the round-table with the topic: “Capital Market and Albanian Exchange listing as an Alternative for Corporate Financing”.
The event was welcomed by Mr. Enio Jaço, the President of AMCham as well as by Mr. Ervin Mete, Executive Director of the Albanian Financial Supervisory Authority (AFSA). Mr. Jaço discussed the importance of capital markets in a faster development of the economy, as an effective tool to be explored by the Albanian businesses, While Mr. Mete expressed his will and the philosophy of the regulatory body run by him, to support the development of the domestic capital market. In addition, Mr. Mete made an expose of the legal and infrastructural reforms undertaken by the Albanian Government and the AFSA to improve capital market legislation bringing it closer to EU Directives as well as gave the participants information on the strategy for the domestic capital market development, which is being prepared by AFSA with the support of World Bank experts.
Following, the presentations of key speakers representing capital market operators took place. Mr. Mark Crawford, the president of Aksioner Securities Brokerage drew the attention on the importance of the capital market in the economic development of Albania comparing it with examples from Balkan neighbor countries. He also considered very important the involvement of big domestic and foreign investment projects into the process of capital market and stock exchange listing as a good tool not only to raise capital, but also to mobilize the local capital resources.
Mr. Artan Gjergji, the Chief Executive Officer of the Albanian Securities Exchange informed the participants with the models of financing business through issuance of corporate stocks and/or bonds, focusing on the benefits of business to use capital markets as the most effective way of financing their activity. He also informed the participants on the listing criteria and the costs of the listing process in the Albanian Securities Exchange.
Mr. Kledi Kodra, Managing Partner of Grant Thornton Albania gave the participants an overview of the corporate governance principle and financial obligations to be fulfilled by the corporates, which shall issue stocks and bonds in the Albanian Securities Exchange. He stressed the importance of financial disclosure, transparency and auditing procedures as key factors for listed corporations which are considered by law as Public Interest Entities (PIEs).
At the end, all guest speakers answered the questions coming from participants.
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Albanian Securities Exchange (ALSE) joint to the international conference taking place on May 27, 2021 in Bucharest Romania, organized by The BURSA Press Group, in partnership with the Romanian Brokers Association, with the topic “CEE Stock Exchanges Cooperation Possibilities”
In the center of the event which was broadcasted live on the website www.bursa.ro, social media as well as by other international partners, was the focus on future trends and opportunities to develop regional capital markets in Central East Europe (CEE) and South East Europe (SEE). During this virtual conference, precious thoughts were shared between very top level managers of the domestic stock exchanges in the region such as Albanian Securities Exchange, Belgrade Stock Exchange, Bucharest Stock Exchange, Budapest Stock Exchange, Bulgarian Stock Exchange, Ljubljana Stock Exchange, Moldova Stock Exchange, Vienna Stock Exchange, Warsaw Stock Exchange (WSE) and Zagreb Stock Exchange. Additionally, interesting feedback came across by various representatives of big issuers listed in domestic stock exchanges of the region.
Invited as a principal speaker of the event, Mr. Artan Gjergji, CEO of Albanian Securities Exchange hold a speech introducing participants with the characteristics of the Albanian capital markets and the challenges ahead to keep the pace with other stock exchanges in the region. On the other side, Mr. Gjergji shared his views on the potential development of the regional capital markets, suggesting the idea of big and medium stock exchanges in CEE & SEE taking the lead to merge and/or acquire shareholding parts on the small stock exchanges (specifically in SEE and Western Balkan countries), in order to push a more organized integration process. This way of proceeding – mentioned Mr. Gjergji, will not just transfer to small exchanges know-how, capital and liquidity, but would help the entire regional capital market to become an important financial hub in front of the big international portfolio investment players.
At the end of the conference, all the representatives of the stock exchanges in the region agreed on the necessity to increase the visibility of the CEE & SEE capital markets. For this reason, the proposal of the Bucharest Stock Exchange and the Romanian Brokers Association on setting up a joint-Working Group to elaborate all the possibilities of future collaboration got the unanimous support. Among potential collaboration means agreed dominated the common financial products, indexes, dual listings, technology sharing as well as potential mergers and acquisitions.
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PRESS RELEASE
Albanian Network for Financial Education (ANFE) holds its 11th meeting
Albanian Network for Financial Education (ANFE) held its 11th meeting on 21.05.2021, which was organized and chaired by Albanian Microfinance Association, with the presence of Albanian Supervisory Authority and the member organizations of the network. Participants in this virtual meeting stopped and discussed a number of topics of interest to the financial market, which embrace the contribution of ANFE in terms of raising awareness of financial education and improving its level in all segments of the population.
An important place in the discussions was taken by the initiative of the Bank of Albania to create a Nationwide Strategy for Financial Education, an initiative which was welcomed by ANFE and its members, who are committed to contribute maximally to make this strategy as comprehensive and effective as possible, and to enable a deep impact throughout the population. In this regard there were also some presentations and interventions by international experts, who brought their experience in creating similar strategies applied in other countries.
Much appreciated contributions were also presented by the members in terms of activities undertaken in the framework of increasing the level of financial education, such as “Money Week 2021”, the creation of the “Glossary of Financial Terms”, a very serious contribution of all ANFE members for the domestic financial market. Also, information regarding the activities planned during this year, such as “Global Investor Week 2021”, “World Savings Day 2021”, “Borrow Wisely Campaign 2021”, as well as other activities which are being organized on an ongoing basis.
For the information of the Network and its members, presentations were also provided regarding the current operating status of the ALREG Securities Register, as well as regarding the new Law no. 32/2021 “On compulsory insurance in the transport sector”, recently approved by the Albanian Parliament and the innovations it brings as an important step towards legislative approximation to European standards.
Participants provided constructive discussions and made important contributions to the drafting of the action plan regarding the role of the Albanian Financial Education Network in terms of creating the National Strategy for Financial Education, as well as in terms of activities planned throughout the year related to financial education.
About the Albanian Network for Financial Education
The Albanian Network for Financial Education (ANFE), is an organization established in 2018, which is supported by ten financial institutions and representative organizations of market operators: Albanian Association of Banks, Albanian Insurers Association, Albanian Microfinance Association, Albanian Association of Life Insurance, Pensions and Investment Funds, Association of Securities Trading, Albanian Securities Exchange ALSE, Junior Achievement of Albania, Albanian Partners for Change and Development, National Youth Service and German Sparkassestiftung in Albania. The main mission of this network of organizations is to contribute to improving the level of financial education in Albania, by raising awareness, advocating and promoting activities organized by participating organizations on this purpose.
Today on May 21st, 2021, the Albanian Securities Exchange published the Annual Rapport 2020, which reflects the progress ALSE has made and its activity during the third year of operation as an organized market. This Annual Report includes information regarding the stock exchange membership, listing process of the Government debt securities and transactions with them, activities organized by ALSE in the context of public education as well as a wide variety of detailed information, part the institutional activity during 2020.
Despite the fact 2020 has been one of the most difficult years in the history of humankind due to the COVID-19 pandemic spread out, which plunged the whole world into a deep health, social and economic crisis, this year has been quite successful for the domestic financial market in terms of revolutionizing the legal framework. The Albanian Parliament adopted 4 important laws covering financial markets (capital market, investment funds, payment system and the Distributed Ledger Technology sectors (DLT) or as otherwise known, “Blockchain Technology”.
In terms of managing the situation and the effects caused by the COVID-19 pandemic throughout the financial market and consumer behavior, ALSE succeeded to manage in the best way possible all the problems faced, without affecting for a single moment the securities trading sessions and daily affairs. The Annual Report includes more detailed information on the measures taken by ALSE to manage the situation.
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Scan, through the Scan Intelligence Unit and Idra Research and Consulting has launched to the market, for the first time an innovative product; Economic Barometer and Consumer Confidence Index Scan. This publication refers to the first quarter of this year, and is the first in its series. Every quarter we will have a new publication of this series.
The economic barometer comes with the Consumer Confidence Index Scan as its main product, based on a methodology widely used for indices of this nature, where the level of 50 points separates the increase from contracting. This index comes as a new instrument in the market to measure the well-being of the economy, through one of its most sensitive segments; family members / consumer. In addition to this index, the barometer includes a number of other phenomena, such as: emigration, level of life satisfaction, material deprivation, etc.
The study comes to the public in the form of a survey, with a sampling base of 1 thousand individuals, distributed throughout the Republic and with a homogeneous gender, educational and age representation. The applied interview methods are online and telephone, in a ratio of 70% to 30%. You can download the full report through the SCAN website, while you will be able to follow the findings of the report both through the Scan page, that of the Scan Intelligence Unit, but also through our screen, in the following days. For the link click here
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Tirana Bank announced the issuance of Euro 5 million long-term corporate bonds. The underlying bonds have a 7-year term and carry a fixed interest rate of 3.30% per annum, payable semi-annually. The funds raised from the issuance of the bonds will enhance the supplementary capital of the Bank, in accordance with the applicable laws and the approvals from the regulatory authorities.
Chief Financial Officer of Tirana Bank, Elvira Kapoli stated: “We are pleased to announce the successful completion of our Bank’s first corporate bonds issuing. It was well-received by the investment community and completed on favorable terms, demonstrating the financial strength of our Bank and the strong loyalty of our customers. It is in our vision to enhance the financial support for our clients and the local economy as well as the consistent implementation of our sustainable growth strategy.”
The bond represents one of the largest single issuance of such debt in the local marketplace that was fully subscribed by retail and high net-worth customers. There was greater subscription demand than the initial bond offering confirming the investors’ confidence in Tirana Bank and Balfin Group to make long-term investments, even in challenging times.
Source: Monitor Magazine