The Government of the Republic of Moldova and the International Consortium of Investors (EBRD, Invalda INVL, Horizon Capital) on October 2 signed the contract for the sale and purchase of a stake of 41.09% in the commercial bank Moldova-Agroindbank (MAIB) SA, IPN reports.
Attending the signing ceremony, Minister of Economy and Infrastructure Kiril Gaburici said today’s event is an important step towards strengthening the banking system of the Republic of Moldova.“By this transaction, the largest bank og the Republic of Moldova now has a powerful and experimented financial partner that is able to ensure the bank’s swift development and to normalize lending activity. Taking into account the size of Moldova-Agroindbank – almost one third of the system - the coming of a new high-quality investor with new banking products and services will have a positive impact on the whole economy and will favor the competitiveness of the banking sector in our country,” stated the minister, being quoted in a press release of the Ministry of Economy.
Francis Malige, EBRD Managing Director for Financial Institutions, welcomed the determination of Moldova’s authorities to reform the banking sector. “The government showed strong political will and resolve to clean up the banking sector. It took a brave decision to support the sale process of MAIB, which will undoubtedly contribute to better banking services and stronger investments to the Moldovan economy as a whole,” he stated
“Today we witness one of the most important moments in the history of Moldova’s Moldova-Agroindbank. The bank is happy to enter a new stage of its development that will bring benefits to its clients, shareholders and society in general,” said the president of the Administration Board of MAIB Sergey Cebotari.
National Bank governor Sergiu Cioclea noted two years ago less than a quarter of the banking assets were managed by international groups with a good reputation. Now, with the coming of the consortium of investors led by the EBRD to MAIB, the figure exceeded 70%. This is incontestable progress and a giant step towards ensuring shareholder transparency and the functioning of the Moldovan banking system.
“The financial consolidation of the national banking system is another important aspect of this transaction. With a market share of about 30%, MAIB is a systemic bank, which means the health of the whole system depends on its wellbeing,” stated Sergiu Cioclea.
The International Consortium of Investors consists of the EBRD, private equity manager Horizon Capital and Lithuanian investment firm with experience in the financial-banking sector Invalda INVL.
