EBRD press release: The European Bank for Reconstruction and Development welcomes the acquisition made by BT within Victoriabank

The EBRD welcomed the acquisition by Banca Transilvania of Romania of 39.2% of the shares of Victoriabank, a key bank in Moldova. This is the first time since 2007 when a foreign bank enters the Moldovan market.

Following this transaction, which was completed today in Chisinau, Banca Transilvania became the largest shareholder of Victoriabank. The EBRD, which is a minority shareholder, holds together with Banca Transilvania a majority stake of 66.7% in the Bank of Moldova.

The EBRD increased its stake in Victoriabank, reaching 27.5% in 2016, in an attempt to restore an efficient level of corporate governance and to attract a strong strategic investor to the third largest bank in Moldova. The EBRD consolidated its stake through an investment vehicle, VB Investment Holding, located outside Moldova, which is owned and controlled by the Bank. 

Banca Transilvania made its investment in Victoriabank using the same investment vehicle.

Henry Russell, EBRD Director, Financial Institutions, Western Balkans, Belarus, Moldova and Ukraine, said: "We are very proud to have managed to attract a strong strategic partner such as Banca Transilvania, to become a shareholder of Victoriabank. The next step taken into account by the EBRD is to restart the lending program for small and medium-sized enterprises in Moldova, by financing Victoriabank, which would allow the granting of longer-term loans to SMEs, thus contributing both to their growth and to the creation of jobs and economic growth in general. We consider that the entry on the Moldovan market of Banca Transilvania is an important step towards the restructuring and modernization of the country's financial sector."

Banca Transilvania is the second bank in Romania by assets, the EBRD being its minority shareholder.

The EBRD has been an important financier of the Moldovan banking system, but has reduced its total lending to the financial sector in order to focus on the few banks active at local level, which are owned by transparent shareholders and comply with the high standards of corporate governance, integrity and sound financial performance. The institution is ready to resume the business relationship with the banks that comply with these high standards.

The EBRD is an important investor in Moldova. Only in 2017, the Bank invested a record amount of 130 mil. EUR in the country's economy. Since the initiation of operations in this country, the EBRD has invested a total of over EUR 1 billion in sectors such as infrastructure, energy, banking, industry, trade and agriculture.