On 29 February 2012, the government of Albania with the intention of protecting local/national depositors from a potential default of Greek banks, decided that branches of Greek banks operating in Albania have to be transformed into independent subsidiaries. The measure ensures that the Greek financial instituions are under the supervision of the Albanian National Bank. Albanian deposits are thus protected from any haircuts imposed on depositors of the Greek bank owning the subsidiary.
The Greek banks operating in Albania that were affected by this law are Alpha and NBG.