European bank sells 8.84 per cent stake of Moldovan bank

Chisinau, 06 April /MOLDPRES/ – The European Bank for Reconstruction and Development (EBRD) announces that it has sold its 8.84 per cent stake in Mobiasbanca, a subsidiary of Groupe Société Générale in France and the fourth largest bank in Moldova, for €2.6 million.

"The EBRD is proud to have played an important role as a shareholder over recent 10 years. The EBRD became a shareholder in Mobiasbanca in 2008 to support Groupe Société Générale's entry into the Moldovan banking sector," said head of the EBRD Bureau in Moldova, Angela Sax.

In addition to its shareholder status, the Bank has also contributed to providing access to finance for small and medium-sized enterprises in Moldova throughout Mobiasbanca. Since 1996, the EBRD has provided the bank with over €60 million of funding for loans to local companies.

The EBRD is the largest institutional investor in Moldova. Since the beginning of its operations in Moldova, it has invested nearly €1.3 billion in over 120 projects in financial, agribusiness, energy, infrastructure and manufacturing sectors.

In early February 2019, Societe Generale announced the signing of a sale agreement for its majority stake in Mobiasbanca Societe Generale to OTP Bank of Hungary, the largest banking institution in Hungary and the third in Central and Eastern Europe. According to a press release of the National Bank of Moldova (BNM) on 06 February 2019, the transaction will only be possible after the OTP Bank Group has requested and obtain the prior written permission of the BNM, as stipulated in the Law on the Activity of the Banks of Moldova.

OTP Bank Group has almost 30 years of experience in banking and operates in 09 European countries. In Moldova, it primarily aims to modernise products and services for depositors and clients, ensuring transparent and efficient corporate governance.