The National Bank of Moldova (NBM) is examining the application of Banca de Economii SA to purchase 100% of the registered capital of BC Unibank SA, IPN reports.
In a communiqué, the NBM says the transaction does not imply the merger of the two banks. If a bank buys 100% of the capital of another bank after obtaining the consent of the central bank, both of the banks continue to work as separate entities, have their own administration and have the individual obligation to obey the legislation of the Republic of Moldova and the normative documents of the NBM.
If the transaction takes place as Banca de Economii required, the potential banking group consisting of Banca de Economii and Unibank would be obliged to present the consolidated financial situation on June 30 and December 31 of each year, in accordance with the normative documents of the NBM. The presentation of consolidated situation reports helps the central bank to easier appreciate the risks in the whole banking system.
A decision on the purchase will be taken after the submitted package of documents is analyzed.
