The Executive Board of the National Bank of Moldova (BNM) approved on 19 June acquisition of the 41.09 per cent stake in the share capital of commercial bank Moldova – Agroindbank by international consortium of investors.
The consortium consists of the European Bank for Reconstruction and Development (EBRD), Horizon Capital, as investment fund manager of notable international financial institutions such as the Western NIS Enterprise Fund (founded by the US Congress through USAID), the EBRD, the Financial Corporation (IFC, World Bank Group), Dutch Development Bank (FMO), German Investment Company (DEG) and French Development Agency (PROPARCO), and Invalda INVL, a listed investment firm in Lithuania, experienced in the financial – banking sector. The consortium intends to realise proposed acquisition through an investment firm specially created for it – HEIM PARTNERS Ltd., registered in the UK based in London.
The EBRD is a multilateral development bank set up under an international treaty, which objective is to support Central and Eastern European countries in the transition to a market economy. The EBRD is one of the largest foreign investors in Moldova with total investments of over €1.3 billion and a record investment volume signed in 2017, of €130 million.
Horizon Capital is an investment fund management company with a history of 25 years of activity, predominantly in Eastern European countries, including Moldova. It is supported by over 40 institutional investors, managing four funds with total assets of about $700 million. The investments managed by Horizon Capital include projects and investments into banking sector in the region.
Invalda INVL is a Lithuanian investment company, one of the most important asset management groups in the Baltic countries listed on Nasdaq Baltic Stock Exchange in Vilnius. Group companies manage assets of around €600 million, including significant assets in the financial and banking sector.
The NBM obliged in 2016 two groups of shareholders of Moldova – Agroindbank which acted concerted and acquired a substantial share in the bank’s share capital of 43.1 per cent, without prior written permission of BNM, to alienate within 3 months, acquired shares. As these shares were not alienated within the set deadlines, they were canceled and new ones issued, as a result of a stake of 41.09 per cent of shares, were put up for sale.
The sale of the share package of Moldova – Agroindbank is also a commitment of the Republic of Moldova’s authorities towards the International Monetary Fund.
