National Bank of Moldova sanctioned shareholder of Energbank

Chisinau, 18 April /MOLDPRES/- The executive board of the National Bank of Moldova (BNM) decided to sanction the direct holder of 4.92 per cent of the share capital of Energbank, stock company Balcolcom, for failing to comply with the requirements on adequacy and financial soundness as set out in the Article 48 of the Law on banks. The decision was made after an assessment by BNM.

The company was informed about the incidence of the Article 52 of the law on banks stipulating the suspension of voting rights, the right to convene and hold general meeting of shareholders, the right to enter issues on the agenda, the right to propose candidates for members of the management body, related to the shares held by Balcolcom, a press release by BNM reads.

The National Bank asked the shareholder to sell the shares held in Energbank’s share capital within three months of 21 March 2018.

After the expiration of this term, if the shares are not sold, are within the provisions of the Law No 171/2012 on the capital market, stipulating the procedure for the cancellation, issuance and sale of holding shares held in breach of the requirements on the quality of the shareholders’ equity in banks.

BNM also announces that the decision did not affect the conduct of Energbank’s business activity and the bank continued to provide all services, including those related to deposit, lending and settlement operations.

The National Bank said it would continue to act in line with legislation in force and best international practice to increase the level of transparency of the ownership structure and ensure prudent management of the licensed banks.

(Reporter V. Bercu, editor L. Alcază)