​VICTORIABANK MEETING CONVOCATION COMING ACROSS FORMALITY IMPEDIMENTS

The convocation and holding of an extraordinary general meeting of Victoriabank shareholders is being held back by the formalities of the Moldovan legislation, which the holders must observe.

According to Infotag sources in the National Commission for Financial Market, the extraordinary meeting, the need for which was stressed by the European Bank for Reconstruction and Development in its recent Statement, may be convoked only if minimum 25% shareholders decide so.

One of the sources said, “It is necessary to have a document confirming the intention of a group of shareholders, possessing minimum 25% shares, to convene such a meeting. So far, the Commission has not received such a decision yet”.

Your Infotag correspondent has learnt that the market regulator had notified EBRD representatives concerning the need to have such shareholders’ decision. The NCFM has confirmed its receipt of the above-mentioned EBRD Statement.

Infotag’s dossier: By now, the National Bank of Moldova (NBM) has issued several permissions for purchasing substantial Victoriabank parcels. Besides the known permissions issued to EBRD and its VB Investment Holding B.V. (the Netherlands), and besides the Insidown company of Cyprus possessing 38.2% shares, the list includes also two prominent Moldovan businessmen – Nicolae Ciornii heading the major AMG-Holding, and Vaja Jhashi, the Head of the Trans-Oil Group. All the three, except Nicolae Ciornii, stand ready to obtain 50% plus 1 share, while the AMG-Holding owner seeks to purchase 20%.

According to the information available with Infotag, in early 2015 Nicolae Ciornii entered into intensive negotiations with Alfa Bank (Romania) on buying Alfa’s 12% package in Victoriabank. As far as we know, the negotiations are continuing.

Last July, the EBRD leadership addressed to the Moldovan Government with a wrathful letter complaining about the prohibition to participate with bank shares in other companies’ capitals. That decision blocked the purchasing of a substantial parcel of Victoriabank shares by the VB Investment Holding B.V, which is close to the EBRD. That transaction was going to be carried out outside the stock market regulated by the Moldovan state.

Victoriabank’s largest shareholders are Insidown Ltd. (38.2%), EBRD (15.06%), Alpha Bank Romania (12.5%), Galina Proidisvet and family (13.81%) and Victor Turcan (10.45%).

In January-July 2015, Victoriabank earned over 170 million lei of profit, ranking 3rd in the Moldovan banking sector by this indicator.