Balfin Group

Last updated
BALFIN Group
Company type Private
Industry Retail, Real Estate, Banking, Asset Management, Renewable Energy, Logistics, Education
Founded1993;31 years ago (1993)
Founder Samir Mane
Headquarters Tirana, Albania
Area served
 Albania
Austria
Bosnia and Herzegovina
Kosovo
Montenegro
North Macedonia
Netherlands
Croatia
United States of America
ProductsSupermarkets
Electronics
Clothing
Shopping Malls
Banking
Revenue€633million (2022 Non-Consolidated Net Revenue) [1]
Number of employees
5,000 (2023) [2]
Website www.balfin.al

BALFIN Group is a prominent, successful, and one of the most important investment groups [3] in the Western Balkans and some countries of European Union. Established in 1993 by Mr. Samir Mane in Vienna, Austria, the group has expanded its presence across ten countries and two continents [4] . With diversified interests spanning real estate [5] , wholesale and retail, banking [6] , asset management, tourism, education [7] , energy, and logistics, BALFIN Group has emerged as a major player in international markets.

Contents

International Presence

From its beginnings three decades ago, BALFIN Group has evolved into a multi-billion-dollar enterprise [8] with significant economic and societal impact. While retail and real estate remain core sectors, the group has experienced exponential growth across all its industries. Through strategic expansion and partnerships, BALFIN Group has established operations in Austria, Albania, Kosovo, Bosnia and Herzegovina, North Macedonia, Montenegro, Switzerland, Croatia, Netherlands, and in the United States of America. Embracing best practices and innovative management strategies, the group remains committed to enhancing its global footprint and delivering value to stakeholders.

History

BALFIN Group's journey began with Samir Mane's foray into the retail industry in Vienna. Over the years, the group diversified its portfolio, with real estate emerging as a significant sector. Notable milestones include the development of residential, commercial, and industrial properties, as well as the establishment of pioneering shopping malls such as QTU and TEG [9] . The group's expansion into banking with Tirana Bank marked a pivotal moment [10] , facilitating accelerated growth within the financial sector in Albania. Additionally, strategic acquisitions and investments have propelled BALFIN Group into new territories, including transportation, logistics, and energy.

Throughout its history, BALFIN Group has achieved numerous milestones that have shaped its trajectory and solidified its position as a market leader. From the inception of Alba Trade in 1993 to the acquisition of Tirana Bank in 2019 [11] , each milestone has contributed to the group's growth and diversification. Notable projects such as Skopje City Mall, Green Coast Resort, and Univers City showcase the group's commitment to innovation and excellence in real estate and tourism development. Furthermore, strategic partnerships with global brands and organizations have facilitated BALFIN Group's expansion into new markets and industries.

Future Endeavors

As BALFIN Group continues to evolve, it remains focused on driving sustainable growth and creating value for its stakeholders. With ongoing projects such as Vlora Marina [12] and BALFIN-tech AG [13] , the group is poised to further expand its presence in key sectors and markets. Through a combination of strategic investments, innovative initiatives, and a commitment to excellence, BALFIN Group aims to sustain its position as a leading investment group in the Western Balkans and beyond.

Key Achievements

In 1993, Samir Mane laid the cornerstone of what would later become the BALFIN Group. It all started with the establishment of Alba Trade in Austria, marking the group's humble beginnings in the consumer electronics market as the official distributor of household electronic goods.

Meanwhile, across the border in Albania, a new player emerged in the retail landscape. Neptun Electronics opened its first store, quickly capturing the hearts of consumers and expanding to become the largest network of electronic stores in the country. With time, Neptun's influence extended beyond Albania's borders, reaching North Macedonia and Kosovo, solidifying its status as a regional powerhouse in the electronics industry.

As the years rolled by, BALFIN Group embarked on a journey of diversification and expansion. In 2002, Mane TCI, now known as BALFIN Construction, ventured into real estate development and management, laying the groundwork for the group's ventures in the booming property market.

In 2005, a landmark moment arrived with the opening of QTU, also known as Universe Shopping Center, in Tirana, Albania. This marked the dawn of a new era as the country's first shopping mall, revolutionizing the retail landscape. Simultaneously, Euromax emerged as a beacon of convenience, growing rapidly to become Albania's largest chain of supermarkets.

Fast forward to 2011, and Albania witnessed the grand unveiling of TEG [14] , the largest shopping mall in the country, introducing a plethora of international brands to eager shoppers. Meanwhile, Jumbo, in collaboration with Kidzone (owned by BALFIN Group), debuted its first megastore in Tirana, Albania, paving the way for its expansion into neighboring countries.

In 2012, BALFIN Group set its sights on North Macedonia, investing in Skopje City Mall, a landmark project that would later be acquired by Hystead Group, further enhancing its value and impact in the region.

The year 2013 marked a significant milestone as BALFIN Group acquired shares of ACR Holding, rebranding it as AlbChrome. This strategic move propelled the company to become one of Europe's leading producers of ferro-chrome, reshaping the industrial landscape.

Meanwhile, Tirana Logistic Park commenced operations as Albania's first logistic park, further bolstering the country's infrastructure and logistics capabilities.

As the years progressed, BALFIN Group continued to diversify its portfolio, venturing into elite tourism with the construction of the Green Coast Resort in 2015, and expanding its retail presence with the introduction of SPAR supermarkets in 2016.

In 2018, the group made significant strides in the energy sector with the acquisition of NewCo Ferronikeli [15] , a major nickel producer in Europe and Kosovo's largest exporter. Additionally, TH&B Immo was founded, focusing on real estate development in Austria.

In 2019, BALFIN Group made headlines with its entry into the banking industry through the acquisition of Tirana Bank, solidifying its position as a key player in Albania's financial sector. Concurrently, PJ 137 Living marked the group's second investment in real estate development in Vienna, Austria.

The year 2021 saw BALFIN Group cement its status as the largest foreign investor in North Macedonia with the inauguration of East Gate Mall, while simultaneously embarking on ambitious projects such as the M Gallery Boutique Hotel and Univers City, showcasing its commitment to tourism and residential development.

In 2022, West Park opened its doors in Korça, marking BALFIN Group's maiden investment of its kind in the portfolio, while BALFIN-tech AG debuted in Switzerland, focusing on medical technology [16] and innovation.

And as the story unfolds into 2023, construction commences on Vlora Marina, a testament to BALFIN Group's unwavering commitment to shaping the future of Albanian touristic infrastructure, promising a modern marine resort experience for all who visit.

ESG & Sustainability

BALFIN Group prioritizes environmental, social, and governance considerations in all business operations, fostering a corporate culture that mandates ESG initiatives [17] throughout the entire organization. Committed to catalyzing change in corporate social responsibility landscapes, BALFIN Group adheres to international best practices, establishing four pillars of corporate responsibility: Education, Health and Well-Being, Environment, and Poverty Alleviation.

Embracing ESG standards, BALFIN Group promotes sustainability in business models, consistently enhancing benchmarks across Management, Governance, Supplier Relations, Employee Engagement, Customer Interaction, Community Involvement, and Environmental Practices. As a foundational aspect of business conduct and strategy development, BALFIN Group prioritizes sustainability and ESG issues [18] , recognizing their direct connection to business growth and societal impact.

Subsidiaries

Notes

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    References

    1. ↑ BALFIN Group Annual Report 2022
    2. ↑ BALFIN Group Annual Report 2022
    3. ↑ "The Top 100 Most Profitable Albanian Companies • IIA". 2018-10-22. Retrieved 2024-03-11.
    4. ↑ "BALFIN Group already present in ten countries, two continents". SeeNews. Retrieved 2024-03-11.
    5. ↑ "Albania's Balfin Group doubles real estate sales in 2022". SeeNews. Retrieved 2024-03-11.
    6. ↑ balfin_admin (2018-08-07). "Balfin Group and Komercijalna Banka acquire Tirana Bank from Piraeus Bank". Balfin. Retrieved 2024-03-11.
    7. ↑ "Albania's Balfin raises stake in Tirana Business University to 60%". SeeNews. Retrieved 2024-03-11.
    8. ↑ "Albanian Daily News". ALBANIA DAILY NEWS. Retrieved 2024-03-11.
    9. ↑ "IFC lending 40 mln euro to Albania's Balfin to expand retail business". SeeNews. Retrieved 2024-03-11.
    10. ↑ "Albania's Tirana Bank net profit almost doubles in Q3 y/y". SeeNews. Retrieved 2024-03-11.
    11. ↑ "Albania's Tirana Bank net profit almost doubles in Q3 y/y". SeeNews. Retrieved 2024-03-11.
    12. ↑ "D-Marin to operate Albania's Vlora Marina touristic port". SeeNews. Retrieved 2024-03-11.
    13. ↑ "BALFIN Group enters yet another EU country's market". Balfin. 2022-10-17. Retrieved 2024-03-11.
    14. ↑ "Tirana East Gate shopping mall sets visitor record in 2023". SeeNews. Retrieved 2024-03-11.
    15. ↑ "Kosovo's NewCo Ferronikeli resumes production". SeeNews. Retrieved 2024-03-11.
    16. ↑ "BALFIN Focuses on Med-tech". ALBANIA DAILY NEWS. Retrieved 2024-03-11.
    17. ↑ "esg Archives". Balfin. Retrieved 2024-03-11.
    18. ↑ "Grupi BALFIN merr pjesë në Samitin ESG të Ballkanit Perëndimor në Mal të Zi | AmCham Albania". amcham.com (in Albanian). Retrieved 2024-03-11.
    19. ↑ "Përfito tani nga ky investim unik - të ardhurat pasive, më të sigurta se kurrë! |". Revista Monitor. 2019-01-30. Retrieved 2021-03-10.
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