Moldova’s largest lender maib puts Bucharest exchange listing on hold

By bne IntelliNews February 16, 2024

The largest bank in Moldova, Moldova Agroind Bank (main), announced it is postponing its plan to list on the Bucharest Stock Exchange (BVB) because certain provisions in Moldovan legislation make the listing impossible.

Under these circumstances, maib has suspended its operations regarding the listing, pending clarification of the legislative changes. The timing of the changes remains uncertain, the bank said.

The management of maib received shareholders’ approval to list its shares on the Bucharest Stock Exchange in December 2022.

Brokerage firm Wood & Co has been appointed sole global coordinator and joint bookrunner, while Swiss Capital will serve as joint lead manager in the actual listing process.

maib is the largest bank in the Republic of Moldova, with a share of 34.3% of deposits and 37.4% of loans in the entire banking system at the end of 2023.

The bank is systemically important and serves almost a third of the country's population.

Net profit rose by 10% y/y to €63.6mn in 2023. Total assets reached the equivalent of €2.7bn, up 21% y/y. 

As of 2018, maib's largest shareholder is HEIM, a consortium that includes the European Bank for Reconstruction and Development (EBRD), Invalda INVL, a leading Baltic asset management group, and Horizon Capital, a private equity fund focused on emerging markets in Europe.

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