Project description and objectives
The EBRD is prepared to increase its stake in Victoriabank, Moldova’s third-largest lender. While currently the owner of a 15.06 per cent-stake, the EBRD has applied for and received regulatory approval to acquire up to 50 per cent of the shares of Victoriabank. However, the EBRD has not yet determined the exact amount of its proposed increased stake, which will depend on market developments.
The aim of this project is to restore effective corporate governance at the bank and to ensure its continued sound financial performance.
Commercial Bank Victoriabank SA is the third largest commercial bank, out of 14 banks, in Moldova, with a market share of 13.90 per cent (by total assets) as of end-September 2014. Also, as of the same date, Victoriabank’s total assets amounted to €618 million, net loans to €368 million and total equity to €97.7 million. The net profit for 2013 was of €15.2 million and of €7.1 million as of end-September 2014. Victoriabank is a universal bank, servicing over 330,000 clients in corporate, SME and retail sectors, and operating through a network of 108 branches and other units in Moldova.
The EBRD will invest the required amount as additional equity, and may investment more depending on market developments.
Total project cost
EBRD will invest the required amount as additional equity, and may invest more depending on market developments (see also Project description and objectives above).
Environmental and social categorisation, impact, and mitigation
Categorised FI. Victoriabank has been a client of the Bank since 1995 and is required to implement the EBRD’s Environmental Procedures for Financial Intermediaries under all transactions with the EBRD.
Commercial Bank Victoriabank SA
31 August 1989 Street, 141
Republic of Moldova
Phone: +373 22 57 61 00
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