MAIB SHARE SELLING IS A SUCCESSFUL PRECEDENT FOR MICB - NBM PRESIDENT

The selling of the Moldova Agroindbank shares created a successful precedent, which may serve as a model for Moldindconbank recovery in future, maintains National Bank of Moldova (NBM) President Sergiu Cioclea.

According to the NBM press release, Sergiu Cioclea said that after the consortium of investors, made of EBRD, Invalda INVL and Horizon Capital, signed the agreement on buying 41.09%, it can be concluded that around 70% of Moldovan banks' assets are administered by international financial institutions with great reputation.

"This is a clear progress, a giant step in raising the transparency of shareholders and banking system administration. Given the fact that the MAIB represents around 30% of the banking sector, the arrival of investors is directly connected with its further consolidation. After the purchasing of over 40% of shares by qualified holders, the entire banking system got out of the risk zone. After the arrival of strong shareholders to the Victoriabank, while after that to the MAIB, the nucleus of Moldova's financial system has considerably strengthened. The selling of the MAIB shares created a successful precedent which may serve in future as a model for Moldindconbank recovery [currently, 63.89% of bank shares are administrated by the manager appointed by the NBM]", Cioclea said.

According to him, the arrival of an international consortium to Moldova will bring the country banking system closer to European standards.

"The selling of the MAIB shares confirms the authorities' adherence to the undertaken liabilities before the International Monetary Fund, the World Bank and the EU. The transaction will create a positive impulse for development and modernization of Moldova, while the day of the document signing should be called extremely important for the entire Moldovan economy", the NBM President said.