VICTORIABANK GETS ABLE-BODIED ADMINISTRATIVE BOARD

The National Bank of Moldova (NBM) approved two new members of the Administrative Board of the Moldova’s first private bank – Victoriabank. These are Ion Prisacaru and Andrei Cojocaru, who were elected by the bank shareholders’ extraordinary meeting on July 8, 2016. Thus, Victoriabank got a full-fledged Administrative Board.

As of today, 6 of 7 Board members successfully passed the procedure of appointment by the regulator, the fact that gives the body the opportunity to start work.

Infotag interviewee, who owns a large package of Victoriabank shares, said in a telephone talk that now the bank’s Administrative Board working capacity is 100% guaranteed.

According to him, changes have been introduced to the legislation, which allow regarding the Administrative Board as workable without waiting for the NBM to approve all its members.

The National Bank have not confirmed yet the powers of Board member Sergei Lobanov, nominated by the company Insidown, which owns 39.2% Victoriabank shares. The NBM’s previous leadership confirmed the shareholders’ rights of ownership the considerable share in the Moldovan bank, which closed the questions about transparency of this bank’s shareholders.

According to shareholders and specialists, one of the first decisions of the bank’s new Administrative Board will be the signing of new contracts with the Victoriabank’s leadership – Chairperson, First Deputy Chairperson and Deputy Chairperson of the Board of Directors, which expired several years ago.

Infotag’s dossier: At the previous Administrative Board’s attempt to extend contracts with bank managers, a conflict of interest occurred. The Board refused to renew contracts with three members of the Board of Directors and refused to repay to bankers the bonuses, provided in contracts, the decision that was later challenged in court.

The new Victoriabank Administrative Board includes 7 people: Ionut Patrahau and Gavin N. Ryan from the European Bank for Reconstruction and Development (EBRD), which owns 27.5%, Victor Turcan and Igor Spoiala from shareholders Victor Turcan and Galina Proidisvet, who own in total 25%, as well as Ion Prisacvaru and Andrei Cojocaru from the company Insidown, which nominated three members of the board, including Sergey Lobanov.