National Bank of Moldova lifts intensive supervision regime of commercial bank

Chisinau, 4 April /MOLDPRES/ - The executive committee of the National Bank of Moldova (BNM) today ruled to cancel the measures prescribed on the period of special supervision of Moldova-Agroindbank, almost four years after its enforcement.   

BNM said that the decision was taken after decision-makers had found out that the bank was ensuring the transparentizing of the stockholders’ structure, as a result of the procurement of 41.09 per cent of the registered share capital by HEIM PARTNERS LIMITED, made up of an international consortium of investors, which includes the European Bank for Reconstruction and Development (EBRD), Invalda INVL, Horizon Capital. At the same time, the exercising of the mandate of Moldova-Agroindbank’s Board in the composition elected under the decision of the annual ordinary general assembly of the bank’s shareholders started as of 21 March 2019.   

During 2016–2019, decision-makers ensured the increase in bank’s assets, capital and profit. At the same time, the rate of bad credits dropped and the bank carried out five actions included in the plans on remedying, earlier prescribed by BNM.   

Moldova-Agroindbank was placed in special supervision on 11 June 2015 because of the irregularities established by the National Bank at that time. Subsequently, the special supervision regime was replaced by intensive supervision (4 October 2016), as a result of legislative amendments.  

BNM in 2016 obliged two groups of shareholders of Moldova-Agroindbank, which acted jointly and purchased a substantial quota of the bank’s registered share capital worth 41.09 per cent, without having a preliminary written permission of the National Bank, to sell the share purchased in a three-month period. Given that the aforementioned shares were not sold in the terms set, they were cancelled and new ones were issued; as a result, a block of stocks of 41.09 per cent was repeatedly put for sale.    

The international consortium of investors (European Bank for Reconstruction and Development, Invalda INVL, Horizon Capital) in October 2018 became the owner of the block of 41.09 of Moldova-Agroindbank’s shares, after it had won the tender and signed the contract on sale and purchase with the Public Properties Agency. The block of shares was bought through Moldova’s Stock Exchange at a price of about 451 million lei. Subsequently, the investors purchased another shares, increasing their participation to 43.1 per cent.   

According to the Expert-Grup Independent Analytical Centre, Moldova-Agroindbank is leader in the bank performance rating.