2005
Western Union services operated already 8 years in the South-West Balkans through the Financial Union of Tirana (FUT) in Albania and in Priština through the Financial Union (PFU) in Kosovo, a licensed non-bank Financial Institution, both part of the same organization. FUT utilized the post offices in Kosovo for the international remittances. Business developed rapidly and both FUT and the postal enterprises looked towards product expansion in consumer banking services through the phased development of postbanking entities, particularly as after the conflict the Yugoslav postal savings and giro services have been terminated in Kosovo.
In Kosovo, the establishment of a Postbank required an initial capital EUR 3 million, for which funding from FUT and KPT (Kosovo Posts and Telecoms) could be made available; in Albania EUR 7 million. Postbank International Consultancy was requested in March 2003 to execute a project (business case) for the development of a Postbank in Kosovo and Albania.
Feasibility study aimed to outline the possibilities for FUT/ PFU to establish postbanks independently or jointly with other business partners and investors in Kosovo, Albania and subsequently Macedonia (including guidelines for further design and implementation). These cases were completed and the Financial Union of Tirana decided to go ahead first with the bank in Albania, named Union Bank of Tirana.
Implementation Phase included management support till 2005 to set up the bank.
