17 octomber, 2018

The National Bank of Moldova extended for three months the selling of 63.89% of the newly-issued shares of the Moldova’s second largest bank – Moldindconbank. Such a decision was taken after the conclusion of the second auction on selling this package, which lasted on July 16 through October 16.

As Infotag has already reported, this package of shares was issued instead of the cancelled shares that belonged to MICB shareholders, whose actions were declared by the NBM as concerted. After blocking their shares, the NBM established a term of 90 days, when the non-transparent shareholders were proposed to sell shares to the investor, who has a permit from the regulator to buy these. In parallel, the regulator introduced external administration in the MICB, appointing NBM Deputy President Aurel Cincilei as administrator.

MICB board is conducting the selling of the newly-issued shares in accordance with the new law on bank activity, which entered into force on January 1, 2018. As the law demands, the MICB conducted a tender, within which it selected an international company for establishing the price of shares. Within the assessment, the cost of one share was established at 239.5 lei.

According to the current legislation, the NBM may extend the term of selling MICB shares in a single package three times for three months each time, given the fact that the law provides their selling within a year. If over this time the package is not bought and the regulator does not extend the selling anymore, the issuer can start their retail selling, which will last 6 months.

In this period the shares are put for sale each month, when each next step implies the lowering of their cost by 10%, 15%, 20%, 25% and 30% each month.

According to the National Commission for Financial Market, if after the retail selling, less than 50% of shares that form bank authorized capital remain unsold, these may be redeemed to the treasury with consequent reduction of the capital, in condition the bank fulfills all the regulator’s requirements and having NBM permit.

If the unsold shares exceed 50% of the bank authorized capital, the NBM takes the further decision on the basis of the law “On resolution”, which presents further issuer’s actions.

Infotag’s dossier: MICB is one of three systemic banks, including Moldova Agroindbank (MAIB) and Victoriabank, in which the NBM introduced external supervision (MAIB and VB) and external administration (MICB), seeking shareholders’ transparency. Over this time, the NBM attracted strategic foreign investors to the MAIB and Victoriabank achieving 100% shareholders’ transparency. A consortium of foreign investors headed by the European Bank for Reconstruction and Development came to the MAIB, buying 41.09% shares, while the Banca Transilvania bought 39.2% shares in the VB and now is controlling the bank together with the EBRD. The regulator also hopes to attract strategic investors to the MICB, selling 63.89% of its shares. Currently, over 65% of the Moldova’s banking market accounts for these three banks.

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