Terms of alienation of shares of two banks extended by three months

Chisinau, 10 April /MOLDPRES/- The Executive Board of the National Bank of Moldova (BNM) has decided to extend the three-month deadline for the disposal of two large shares of ENERGBANK and the Bank of Finance and Trade respectively. The BNM ordered the alienation of the shares after finding that they were purchased without the prior permission of the BNM, which is mandatory in the case of a substantial quota.

The BNM suspended the rights of shareholders to the two banks on January 11, 2019. The Executive Committee found that a group of shareholders acted jointly with the Bank of Finance and Trade. They acquired and held a qualifying holding (substantial share) in the bank's share capital of 36.15 percent without the prior written permission of the National Bank. Thus, the provisions of the Law on banks have been breached.

Following the decision of the BNM, the shareholders whose rights were suspended, must according to law alienate the shares held in the social capital of both banks. At the same time, given the size of the share package of over 50 percent, in accordance with the law on recovery and resolution of banks, the BNM ordered ENERGBANK to implement early intervention measures. A part of the executive team and the board of the bank had been supplemented by temporary administrators appointed by BNM.

In the total assets of the banking sector in the Republic of Moldova, the Bank of Finance and Trade represents a share of 3.7 percent and ENERGBANK of 3.2 percent.

The BNM also notes that banks are capitalized, solvent, stable and will continue to operate normally and provide all services, including those related to deposits, lending and settlement operations.