MAIB Equity Investment (f. MBank Equity Investment)

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The project concerns a follow-on equity investment in which EBRD will acquire an additional 0.5 per cent stake in MAIB. In addition to its existing 37.5 per cent stake in HEIM (representing 14.5 per cent indirect stake in MAIB), EBRD will hold 0.5 per cent in direct ownership, resulting in a total ownership of 15.0 per cent.

Project ID 48969

Status Signed

Location

Moldova

Industry Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 48969

Status Signed

Location

Moldova

Industry Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

17 Apr 2026

Disclosure date

15 Sep 2026

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

Project Objectives

The proposed transaction also aims to further strengthen the corporate governance framework, support transformation of MAIB and assist local authorises to implement the financial sector reforms.

Transition Impact

ETI score: 80

The transaction has a Neutral impact on the Transition Impact of the project.

Client Information

HEIM PARTNERS LTD

BC MAIB SA ("MAIB") is the largest bank in Moldova, publicly listed with total assets of EUR 3,324 mln and equity of EUR 473 mln at end-2025. The Bank is headquartered in Chisinau and services the entire territory of Moldova through a wide network of branches and ATM's. MAIB is listed in Moldovan Stock Exchange.

HEIM Partners LTD ("HEIM") is an SPV set up to acquire the stake in MAIB. It is owned by the EBRD and Invalda INVL, with 37.5 per cent of shares each, and Horizon Capital, which holds the remaining 25 per cent.

EBRD Finance Summary

EUR 1,900,000

Technical Cooperation and Grant Financing

None.

PSD Last Updated

15 Sep 2026

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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MAIB Equity Investment (f. MBank Equity Investment)

Overview

Project timeline

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Technical Cooperation and Grant Financing

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)

MAIB Equity Investment (f. MBank Equity Investment)

Overview

Project Description

Project Objectives

Transition Impact

Client Information

EBRD Finance Summary

Environmental and Social Summary

Technical Cooperation and Grant Financing

PSD Last Updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)