EBRD and two private equity firms consider stake in Moldova Agroindbank

By Olga Rosca

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(l-r) Vasile Tofan, Partner at Horizon Capital, Francis Malige, EBRD Managing Director for Financial Institutions, Vytautas Plunksnis, Head of Private Equity at INVL Asset Management and Vladimir Baldovici, Director General of Moldova’s Public Property Agency, sign the agreement in Chisinau.

B.C. Moldova Agroindbank S.A. is the largest commercial bank in Moldova

The EBRD, at its Board of Directors meeting today, approved the Bank’s participation, together with private equity firms AB Invalda INVL and Horizon Capital, in an upcoming auction for the acquisition of a 41.09 per cent stake in B.C. Moldova Agroindbank S.A., in accordance with legal agreements with the Moldovan government.

B.C. Moldova Agroindbank S.A. is the largest commercial bank in Moldova. Assets of the bank at the end of 2017 amounted to €1.078 billion; equity was €180 million.

Vilnius-based Invalda INVL group’s companies have more than €600 million of assets under management, entrusted to them by over 190,000 clients in Lithuania and Latvia as well as international investors.

Horizon Capital is a private equity firm managing funds which provide financing to businesses in Ukraine and Moldova. Its funds have attracted investments from the EBRD and other investors.

The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 38 economies across three continents. It is owned by 66 countries, the EU and the EIB. The Bank is the largest institutional investor in Moldova and has invested over €1.2 billion in over 120 projects in the country to date.

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