Results of Annual MAIB Shareholder Meeting and proposed dividend

Today MAIB held its Annual General Shareholder Meeting (AGM) in Chisinau. All resolutions presented at the AGM were passed with the requisite majority. The full results are detailed below:

1-2. On the Bank's Annual Financial Results and the Bank’s Supervisory Board Annual Report for the Year 2020. The shareholders accepted the Annual Financial Report for the Year 2020 and approved the Bank’s Supervisory Board Annual Report for the Year 2020.

3. On the Bank’s Net Profit Distribution Norms for the Year 2021, MAIB’s long standing profit distribution policy, whereby 30% to 50% of net profit is paid out in the form of dividends, was reaffirmed by the shareholders at the AGM.

4. On the Bank’s Charter Amendment. The shareholders amended the Charter in accordance with the legal provisions and new organizational structure of the Bank.

5. On the Bank’s Annual Profit Distribution, including the Annual Dividends Payment. The shareholders voted and approved the dividend payment covering 2019 and 2020. The total amount to be paid out is MDL 208.7 million, which translates into MDL 201.1 per share. In 2020 BNM suspended all dividend payments by banks in Moldova in order to preserve the stability of the banking system in the face of the COVID crisis. Recently the suspension has been lifted, however, the dividend payment still needs to be approved by BNM. The exact date of payment is to be determined but it should take place within the next three months.

6. On the Long-term Incentive Plan for the Top Management, Middle Management and other Key Employees of the Bank. The shareholders endorsed a new long-term incentive plan (LTIP) for key employees. Under the proposed plan the key personnel will be incentivized with phantom shares, which are linked to the share price but have no voting rights and create no dilution of capital.

Vytautas Plunksnis, Chairman of the Board, said:
”The bank has delivered solid results despite the challenging backdrop and we are grateful to the outgoing management team for their hard work. The result of the AGM underlines the desire of the shareholders to take MAIB to the next level. The renewed dividend is a testament to bank's strength and confidence in the future”.

Giorgi Shagidze, CEO of MAIB, commented:
”We are delighted that the shareholders have expressed their support to all the resolutions presented. I would like to thank them for the support and trust. It Is my honour to be able to manage the bank with such traditions and strong foundations. With the team, we will do our utmost to take the bank into the next level”.

About MAIB

MAIB is the largest bank in Moldova, accounting for circa 30% of country’s banking assets and circa 35% in loans. MAIB provides 24.6% of all mortgage loans extended to Moldovans. MAIB averaged a 11.4% asset growth, 11.7% deposit growth and 8.9% profit growth in the last 5 years. The bank serves over 20% of Moldova’s population and is among the largest employers in the country. The bank is well capitalized with Tier 1 Capital ratio of 19.54%. The bank is widely recognized for its customer service and product innovation. Since 2018, MAIB’s largest shareholder is HEIM Partners Limited, a UK registered company, representing the consortium of investors composed of European Bank for Reconstruction and Development, Invalda INVL, a leading asset management group in the Baltics and Horizon Capital, an Emerging Europe focused private equity funds manager.


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