Finances

NBM ALLOWS BT AND EBRD TO BUY VICTORIABANK SHARES

20 november, 2017

The National Bank of Moldova issued a permit to the Romanian Banca Transilvania and the European Bank for Reconstruction and Development to buy 100% shares of Moldova's first private bank - Victoriabank.

The EBRD is shareholder of Romanian and Moldovan banks, owning 27.5% shares in Moldovan bank.

In an interview to Infotag, Chairman of the Victoriabank Administrative Board Victor Turcan, who is founder of the country's first private bank and its first governor, owning 10.45% of bank authorized capital, said that after BT entering the Victoriabank capital, stockholders may expect for tender proposal on redeeming their shares.

"According to the Moldovan legislation, buying the majority package of shares, (39.2% shares of Insidown company with registration on Cyprus), together with the EBRD the BT will be holding more than 50% of Victoriabank shares and they are obliged to announce tender to buy the rest of shares at the proposed price", he said.

According to the procedure of conducting tender proposal on share buying, it should be valid 40-60 days. Thus, the transaction on redeeming 100% shares may conclude approximately in late January 2018.

Infotag's dossier: Since early 2017, Victoriabank earned 238 million lei net profit. The bank has assets of 13.6 billion lei and capital of 2.5 billion lei, firmly holding the third position in the top of Moldovan 11 banks. Besides the EBRD and Victor Turcan, a majority shareholder is Galina Proidisvet, who has long worked as bank deputy chairwoman and together with her relatives is holding around 15%.

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