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EBRD seriously concerned by indictment against Moldova’s Victoriabank

By EBRD  Press Office

EBRD London headquarters 1992-2022
EBRD London headquarters 1992-2022

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It is with serious concern that the European Bank for Reconstruction and Development (EBRD) has learned about the indictment issued by Moldova’s Anticorruption Prosecutor's Office against Victoriabank and the recent court warrant authorising the Anticorruption Prosecutor's Office to seize assets of Victoriabank in connection with the investigation of fraudulent activities in the Moldovan banking sector in 2014.

The EBRD as a shareholder in Victoriabank welcomes the bank’s cooperation with the Moldovan authorities in their investigation of activities which occurred before Banca Transilvania became a shareholder in January 2018 and the transparency of Victoriabank’s shareholding was restored.

The EBRD trusts that the investigation will respect clients and customers of Victoriabank as well as its current shareholders, and be carried out in accordance with due process and due consideration of potential consequences for the Moldovan banking system.

Failure to do so risks destabilising the entire financial sector with grave consequences for Moldova’s economy.

As the largest institutional investor in Moldova, the EBRD regards a strong and stable banking sector a prerequisite of financial stability and as one of the pillars of sustained economic development and growth.

Delivering on its mandate the EBRD has played an active role in the overhaul of Victoriabank since 2016 and remains a shareholder in the institution, which is now majority-controlled by Banca Transilvania and the EBRD.

Today, Victoriabank is a strong financial institution, managed according to high corporate governance standards and working to the benefit of the Moldovan people, businesses and the economy.

The bank serves corporate as well as retail clients and has established a strong bond of confidence and trust that is essential for the successful operations of any banking sector.

A strong and stable banking sector is also of crucial importance to attract domestic and international investors.

Together with a transparent judicial system, the rule of law and the full protection of investors guaranteed by the state’s institutions, it is a key element of a sound business environment.

The EBRD remains determined to support the authorities of the Republic of Moldova in the pursuit of these goals.

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