Finances

ANGELA SAX: MOLDOVA’S BANKING SECTOR HAS SEEN A BREAKTHROUGH UNDER SERGIU CIOCLEA

22 november, 2018

The head of the EBRD in Moldova, Angela Sax, has praised the work of Sergiu Cioclea as governor of the National Bank of Moldova.

Asked by Infotag to comment on Cioclea’s decision to step down and his legacy, Sax said that “Moldova has seen a breakthrough in transforming its banking sector under the leadership of NBM governor Sergiu Cioclea”.

In particular, Angela Sax praised Cioclea’s efforts to attract new investors to Moldova’s commercial banks Moldova Agroindbank and Victoriabank and solve their shareholder transparency problems.

„With the entry of foreign investors into the two systemic banks, Victoriabank and Moldova Agroindbank, the shareholder transparency is largely restored,” Sax said. She expressed hope that the transparency problem will be soon solved in the third Moldovan bank facing it.

„We thank Mr Cioclea for his dedication and hard work and urge Moldova’s political leadership to keep the momentum in the banking sector reform. The removal of opaque shareholders needs to be finalised in the second largest lender, Moldinconbank, which remains under the temporary administration of the National Bank of Moldova,” Angela Sax said.

Sergiu Cioclea announced his resignation at a briefing on 20 November. Cioclea said he stepped down for "personal reasons". He also said he has achieved the goals he was set while taking over the post in March 2016 in the wake of the 1-billion-dollar bank fraud from three banks that plunged the country into political and economic turmoil. According to Cioclea, the Moldovan banking system has now been brought out of crisis.

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