Austrian group eyeing privatisation of Moldova’s last state-run bank

Raiffeisen International is closely watching how “the situation on the privatisation of the Savings Bank is developing,” but even though this is a good opportunity, it is not negotiating the acquisition of this bank with the Moldovan authorities, chairman of Raiffeisen Bank Romania, Steven van Groningen, said on Wednesday, December 5. “We will certainly enter the banking sector of Moldova, too, but this issue is not on our current agenda. We are waiting for the situation on the Savings Bank to be clarified before taking any steps,” he added. Raiffeisen International holds the most extensive banking network in the Central and Eastern Europe. As many as 18 regional markets are covered by banking units, leasing companies, two representations and other financial service providers. Over 13 million clients are provided services in more than 3,000 units. Raiffeisen International is a wholly consolidated subsidiary of Raiffeisen Zentralbank Oestrreich AG (RZB), which holds 70 percent of shares, the other 30 percent being traded on the Vienna Stock Exchange. Johan Mathisen, Resident Representative of the International Monetary Fund (IMF) in Moldova, stated recently that the privatisation issue of the Savings Bank will be a separate one on the IMF’s agenda to be discussed in December with the Moldovan Government. Although he said that the Government should persevere in this process, Mathisen mentioned it should not be pushed, as it is more important for the privatisation process to go smooth and correctly. According to the Memorandum on economic and financial policies, the assessment of the Savings Bank was due to end in 2007, but the privatisation process was suspended when the Deloytte&Touche company, the winner of the bank’s assessment process, showed its interest in mediating the privatisation process of the Moldovan bank. Finance Minister Mihai Pop promised earlier that a final decision on the Savings Bank’s assessment would be taken in October. He said that authorities did not support the idea of Deloitte&Touche participating in the bank’s privatisation, as this would lead to a conflict of interest.