Prime Minister Pavel Filip today met Executive Director of the financial institutions department of the European Bank for Reconstruction and Development (EBRD) Nick Tesseyman, Transylvania Bank President Horia Ciorcilă and President of Victoriabank Bogdan Pleșuvescu.

The Premier welcomed the arrival of these important investors on the Moldovan financial and banking market, and assured them of the Government’s openness. "Coming Transylvania Bank in Moldova by taking over jointly with EBRD the share package at Victoriabank is the result of the Government’s efforts to stabilize the situation in the banking sector and is an encouraging signal for other potential investors," he said.

Referring to the progress in the banking sector, the Premier noted that in 2016-2017 the order was made in the system, the National Bank’s powers were strengthened in assessing and supervising the banks, the transparency and quality of shareholders was ensured and international standards and practices implemented in national law.

The Premier said he wants a direct dialogue with major investors. At the same time, he thanked EBRD for constant support in various projects in Moldova, stating that in order to ensure more efficient use of money, the mechanism for coordination of external assistance was reviewed. Now the Finance Ministry deals with this activity, which ensures a prudent and efficient use of public money.

The Premier also approached the Government’s actions in the last period to improve the business environment. Thus, the number of institutions with control functions, the legal licenses had been reduced.

The EBRD and Transylvania Bank representatives thanked the Government for openness and noted good cooperation with the Finance Ministry and National Bank of Moldova team. They reaffirmed their commitment to invest in the national economy. A proof of this is also the participation of Victoriabank in carrying out the state programme "First Home".

Filip pointed out that the launching of national projects such as – First Home and Good Roads for Moldova had become possible due to the actions taken by the Government, which had increased revenues to the budget. Last year they increased by 18 per cent compared to 2016, and in the first quarter of this year the revenues increased by 20 per cent against 2017. The Premier encouraged the EBRD and Transylvania Bank representatives to continue to invest in the national economy.

On 15 November 2017, Transylvania Bank got permission from the National Bank for the direct/indirect acquisition of a substantial share in the amount of more than 50 per cent in the share capital of Victoriabank. The transaction to acquire controlling interest in Victoriabank’s capital was made on 16 and 19 January 2018 in 2 stages, by acquiring the 39.2-per cent-share of the former shareholder of the bank and by taking control, together with the EBRD, on the current shareholder of VB Investment Holding B.V. (UK). At present, Transylvania Bank holds 66.77 per cent of share capital of Victoriabank together with EBRD.