The Executive Board of the National Bank of Moldova (NBM) lifted the intensive supervision regime for Victoriabank.

According to the Bank, the decision was taken after it was established that the bank is able to ensure transparency of its shareholders, following the acquisition of 72.19 percent of the bank’s share capital by the VB Investment Holding B.V., a company owned by Banca Transilvania of Romania in partnership with the European Bank for Reconstruction and Development.

At the same time, a new Board of BC Victoriabank S.A. was elected and started its activity on August 9, 2018. In addition, the bank managed to reduce the balance of nonperforming loans during 2017-2018 and undertook remedial actions prescribed by the NBM.

Victoriabank was placed under a special supervision regime on June 11, 2015, as a result of a series of irregularities identified in its operation by the NBM. Subsequently, a special supervision regime was replaced by an intensive supervision regime on October 4, 2016, following a series of legislative amendments implemented.

On January 16, 2018 and April 26, 2018, the bank sold shareholdings of 39.2 percent and 5.42 percent at auctions held on the regulated market of the Moldova Stock Exchange. Therefore, Banca Transilvania, the largest banking group in Romania, became Victoriabank’s investor in partnership with the EBRD. Currently, Banca Transilvania and the EBRD jointly hold a share of 72.19 percent in the share capital of Victoriabank.