National Bank of Moldova approves leadership of commercial bank within early intervention

Chisinau, 22 October /MOLDPRES/ - The executive committee of the National Bank of Moldova (BNM) on 21 October appointed Aureliu Cincilei as president of the leadership committee of the Commercial Bank Moldindconbank S..A. (stock company), BNM sources have reported.      
Aureliu Cincilei has a 21-year-long experience in the banking sector. He worked at the Commercial Bank Moldova-Agroindbank S.A. in the internal audit field, as well as in the post of director of the bank’s business centre. Subsequently, Cincilei acted as president of the Commercial Bank EuroCreditBank S.A. (June 2004-July 2013), and starting from July 2013 till present, he has been worked as vice-governor, member of the executive committee of the National Bank of Moldova. Under the Article 25 (2) of the law on National Bank of Moldova, Aureliu Cincilei’s mandate of vice-governor was suspended de jure during the early intervention.
At the same time, Victor Cibotaru will continue exercising the office of first deputy president of the leadership committee of the Commercial Bank Moldindconbank S.A.
According to the law on the redressing and resolution of banks, the National Bank of Moldova appointed Aureliu Cincilei to exercise the duties of the Board of the Commercial Bank Moldindconbank S.A. beginning with 21 October 2016.
The bank’s Board will be led, after official appointment, by Giedrius Steponkus, citizen of Lithuania, with a rich experience in the financial, banking and investment sectors. He is member of a group, Banking Stakeholder Group (European Banking Authority) and former member of the supervisory board and vice chairman of the Vilnius Stock Exchange. The Board will be completed with other independent members in the near future.   
Leonid Talmaci, who has earlier acted as president of the leadership committee of the Commercial Bank Moldindconbank S.A., was appointed by Aureliu Cincilei, in his capacity of the bank’s temporary manager, as adviser of the Board’s president starting from 21 October 2016.  
During the early intervention, the National Bank of Moldova will be advised by an U.S. specialist, John. W. Quill, who worked as chief expert in the financial and banking sector of the International Monetary Fund, earlier adviser of Ireland’s Central Bank in the field of assessing and resolution of financial institutions, Deputy Comptroller for Special Supervision at the U.S. Department of Treasury.    
The temporary management of the Commercial Bank Moldindconbank S.A. takes place within the early intervention regime, applied as a result of the concerning of a group of persons, who bought and hold a substantial quota of the bank’s registered share capital, worth 63.89 per cent, without a preliminary written permission of BNM, thus violating the provisions of the law on financial institutions.  
BC „Moldindconbank” S.A. will continue working as normal and will provide all services, including the ones dealing with the operations with deposits, crediting and discounts.  
(Editor M. Jantovan)