The Executive Board of the National Bank of Moldova (NBM) decided unanimously to lift the early intervention regime at BC “Moldindconbank” S.A. The decision was taken along with the confirmation, on February 10, 2020, of Nikolay Borissov and Penka Kratunova as members of the bank’s Management Committee. Both of them have a wide financial and banking experience at international level. Also, Victor Cibotaru, who was designated by the NBM as temporary administrator, returned to his position of Vice-President, IPN reports, quoting a press release of the central bank.
Thus, BC “Moldindconbank” S.A. has resumed its independent activity in a normal regime, with the functionality of its statutory management being restored. The bank’s Board became fully operational on December 2, 2019, while the Management Committee on February 11, 2020.
The early intervention regime at BC “Moldindconbank” S.A. was established on October 20, 2016 after it was found out that a group of persons holding 63.89 percent of the bank’s share capital carried out concerted activities without the NBM’s prior written permission.
During the early intervention period, the assets of BC “Moldindconbank” S.A. increased by 20.8 percent to 18.44 billion lei. The nonperforming assets last year decreased by 455 million lei compared with 2016, when the early intervention regime was established. The bank’s credibility also increased. In 2019, the deposits rose by 7.5 percent, exceeding 14 billion lei at the end of last year, up 2.28 billion lei on October 20, 2016. As regards the bank’s net profit, this was 678.7 million lei (as of 31.12.2019), an increase of 35.7 percent compared with the end of 2018.
This decision was also determined by the fact that the bank refined its internal regulations and internal control system, enhanced the ownership transparency level and obtained results by complying with the measures for the supervision of lending activity prescribed by the National Bank of Moldova.
The European investor Doverie United-Holding Ad last year purchased a majority shareholding in BC “Moldindconbank” S.A.
