The international consortium of investors (BERD, Invalda INVL, Horizon Capital) became the owner of 41.09 per cent of shares in Moldova – Agroindbank (MAIB), after winning the tender and signing today the sale – purchase agreement with the Public Property Agency (APP), on behalf of the Government of Moldova.
With the payment of the price and completion of transaction between the group of investors and APP, it will begin the integration of these entities into the systemic bank of Moldova. The share package was purchased through the Moldovan Stock Exchange (BVM) for approximately MDL 451 million.
“The acquisition of the share package of MAIB is a very important moment. The arrival of a quality investor with new banking services and products will have a positive impact on the whole economy and favour the competitiveness of the banking sector in Moldova. We hope that the new shareholders will continue to confirm the status of leader of MAIB of the banking market, for the benefit of its clients, as well as of the national development projects,” said Minister of Economy and Infrastructure, Chiril Gaburici.
The EBRD Director of Finance, Francis Malige, said the transaction was “a very important one” and “a successful achievement of the efforts of several Moldovan institutions”. The EBRD official expressed his gratitude for the companies Invalda INVL and Horizon Capital which come with their experience on the Moldovan banking market.
“It is an event that will remain in the history of Moldova Agroindbank. It is a beneficial event for the bank’s shareholders and clients, for the whole society, “said Sergei Cebotari, chairman of MAIB Leadership Committee. He added that acquiring the stock package by the consortium is the last step in the transparency of the shareholders, “a problem that has been worrying the bank over recent five years.”
The governor of the National Bank of Moldova, Sergiu Cioclea, appreciated the transaction as “a giant step in the transparency of the shareholders”. “MAIB is a systemic bank, with a 30 per cent share in the banking system, on which depends the health of the banking system. Due to coming of a group of quality investors at MAIB and previously at Victoriabank, the core of the Moldovan banking system has become more solid.”
“Entering EBRD investors onto the market brings the Moldovan banking system closer to the international market and especially to the European market,” said Cioclea.
On 18 July 2018, APP bought on BVM two shares of MAIB worth MDL 450 million, which it would later auction on. The difference of MDL 1.5 million compared to the initial sale price requested at the October auction is due to the costs incurred by APP in buying – selling those shares.
On 22 June 2018, APP on behalf of the Government of Moldova signed an agreement with the International Consortium of Investors (EBRD, Invalda INVL (Lithuania), Horizon Capital (USA) for the sale of new shares issued by MAIB. The National Bank of Moldova approved the acquisition by the international consortium of investors of the share package of 41.09 per cent of the share capital of MAIB commercial bank.
The BNM obliged in 2016 two groups of MAIB shareholders, who acted concerted and acquired a substantial share in the bank’s share capital of 41.09 per cent, without the prior written permission of the National Bank, to alienate within 3 months, the acquired shares. As these shares were not alienated within the set deadlines, they were canceled and issued new ones, as a result of a 41.09 per cent of share package was exposed several times on sale.
The sale of the share package of MAIB is also a commitment of the Moldovan authorities to the International Monetary Fund (IMF), World Bank (WB) and EU.
