Pre-contract for purchase of 41.09% holding in Moldova Agroindbank signed

The Public Property Agency, in the name of the Government of the Republic of Moldova, signed a pre-contract for the acquisition of a 41.09% stake in the share capital of the commercial bank Moldova Agroindbank SA with the international consortium of investors consisting of the EBRD, Invalda INVL and Horizon Capital. Minister of Economy Kiril Gaburici said he expects this transaction will have an immediate positive effect on the national economy, IPN reports.

According to the minister, the Government’s intention is to successfully complete the process of ensuring transparency and consolidating the banking system. “With good shareholders, the banks in Moldova should fully restore the financial intermediation duty. This means that they should provide loans to support the growth and modernization of the economy, for new projects and investments and to create new jobs and contribute to the population’s welfare,” stated Kiril Gaburici.

The consortium’s representative Henry Russell, EBRD Director For Financial Institutions in Western Balkans, Belarus, Moldova and Ukraine, congratulated the Government and the National Bank of Moldova on the decision that will massively clean the country’s banking system. For the same purpose, the mechanism that allows blocking the nontransparent shareholders was adopted in December, while in January Banca Transilvania purchased a majority shareholding in Victoriabank.

National Bank vice governor Ion Sturzu said the central bank welcomes good and financially powerful shareholders to the national banking system. The new investors are expected to come with good international policies that would improve corporate governance at the bank. “We expect the investors will come with high-quality products and services for the citizens of the Republic of Moldova,” he stated.

Public Property Agency director Vladimir Baldovici said the Agency will ensure the transaction between the sides, including full transparency. He assured that the shares in banks will be further offered for sale in equal conditions for all the bidders.

The consortium intends to carry out the proposed acquisition through an investment firm, specifically created for this purpose - HEIM PARTNERS Ltd., registered in the United Kingdom with headquarters in London.