Top European bank states managing to attract strong strategic partner as Banca Transilvania being shareholder of Victoriabank

Chisinau, 17 January /MOLDPRES/ – The European Bank for Reconstruction and Development (EBRD) welcomed acquisition by Banca Transilvania of a 39.2 per cent share in Victoriabank. "We are very proud to have been able to attract a strong strategic partner such as Banca Transilvania as a shareholder in Victoriabank," said Henry Russell, EBRD Director for Western Balkans, Belarus, Moldova and Ukraine.

The EBRD official added that the European financial institution "may take into account resumption of the lending programme for small and medium – sized enterprises in Moldova by granting loans to Victoriabank, allowing long – term loans to SMEs, thus contributing to the development their job creation and Moldova’s economic growth."

"Banca Transilvania’s decision to come to the Moldovan market represents an important step towards the restructuring and modernization of the Moldovan financial sector," said Henry Russell, according to a press release posted on the EBRD's official website.

The European Bank for Reconstruction and Investments finds it is the first time since 2007 that an investor of a foreign bank has entered the Moldovan market. As a result of the transaction, which took place on 15 January 2018 in Chisinau, Banca Transilvania (BT) became the largest shareholder of Victoriabank. EBRD, a minority shareholder, and Banca Transilvania now share a controlling stake of 66.7 per cent of Victoriabank’s shares, the third largest bank in Moldova. The EBRD and BT will come up with offer to buy the rest of the shares at Victoriabank.

The EBRD increased its stake in Victoriabank to 27.5 per cent in 2016 by VB Investment Holding, outside Moldova, owned and controlled by the Bank.

The European Bank also states that it was previously a major creditor of the Moldovan banking system, but had to reduce the total volume of loans to financial sector and focus on few local active banks that are owned by transparent and compliant shareholders high standards of corporate governance, and sound financial performance. The EBRD is ready to resume business with banks that meet these high standards.

In 2017, the EBRD invested a record €130 million in Moldova’s economy. Since the start of operations, EBRD investments in Moldova have exceeded one billion euros in sectors such as infrastructure, energy, banking, industry, commerce and agriculture.

According to the National Bank of Moldova’s (BNM) information and media communication service data, the share of foreign investments in the share capital of Moldovan banks amounted to 81 per cent in November 2017.

(Reporter V. Bercu, editor L. Alcaza)