Government approves sale of top – Moldovan bank's 41.09 per cent shares to international consortium of investors

Chisinau, 20 June /MOLDPRES/ – The Government has approved today signing of a pre – contract with an international consortium of investors, providing purchase and privatisation of new shares issued by BC Moldova Agroindbank SA, after consortium received permission from the National Bank of Moldova (BNM) for acquisition of 41,09 per cent of shares of this commercial bank, the government's communication and protocol department has reported.

Consortium consists of the European Bank for Reconstruction and Development (EBRD), Horizon Capital – manager of an investment fund created by notorious international financial institutions and Invalda INVL – a listed investment company in Lithuania with experience in financial – banking sector. The Consortium intends to carry out the acquisition through an investment firm created specially for it – HEIM PARTNERS Ltd., registered in the UK, based in London.

Prime Minister Pavel Filip has outlined that decision is very important, given that one of main objectives of Government was stabilisation of banking system. Thus, in cooperation with International Monetary Fund (IMF) and EU, large – scale reforms have been promoted with a view to transparency and fortification of licened banks.

"We have committed not only to our partners but also to ourselves and citizens to leave a healthy banking system after this mandate, because many questions related to transparency of shareholders in some banks that were and continue to be the largest in Moldova. Thanks to my colleagues which have worked on decision. We want this transaction to be successful and with the effects we expect," said PM.

According to the project authors, the decision of Government to buy and sell newly – issued shares of BC Moldova Agroindbank will contribute to stability of this bank, help improve its corporate governance, provide necessary protection to potential investors and further stimulate much reforming of banking system.

Bearing in mind that BC Moldova Agroindbank SA is a Systemic Bank and has expired more than 3 months since the sale on the regulated market of the new shares issued by decision of its executive body on regulated market, following cancellation of non – shredded shares of former the National Financial Stability Committee submitted to Government proposal to initiate negotiations with potential acquirers for respective shares sale. The law provides that total period of holding of shares by Government should not exceed 90 days.

In case of signing a pre – contract with international consortium and launch of buy – sell procedure provided by law, the auction will be opened under similar terms to all potential buyers which have obtained prior permission of BNM. This procedure does not affect activity of bank.