Maib announces that today it has signed subordinated loan agreement with with European Fund for Southeastern Europe (EFSE) for the amount of EUR 15 million.
The loan meets the definition of Tier 2 capital thus enabling maib to optimize capital structure and maintain a strong capital cushion. The loan will be denominated into MDL and will be used to support financing micro, small and medium-sized enterprises (MSMEs) and help them increase competitiveness and resilience, while safeguarding them from potential exchange rate fluctuations.
Maib has recognized expertise in corporate and small business lending in Moldova, robust risk management and internal control mechanisms that would enable it to effectively deploy the funds and realize the loan objectives profitably and in a socially responsible way.
Giorgi Shagidze, maib CEO, said:
“Financing agreement with EFSE is a substantial positive development for maib. The loan is the first subordinated loan in such a format for a banking institution in Moldova, and I am very grateful to EFSE for the partnership and trust in maib. The loan will be used to SME financing to further support our customers in the sector and enhance leadership position in the segment or market as a whole while optimizing our capital structure”.
Vytautas Plunksnis, Chairman of the Board and Head of Private Equity at INVL Asset Management, said:
“We are pleased with this significant agreement, which is a tribute to the progress of maib’s strategic development and makes it possible to ensure further growth of the bank’s activities, in an important step in the development of the Moldovan banking system”.
From 2018 MAIB’s largest shareholder, holding 41.09% of the stock, is HEIM Partners, a UK-based company representing a consortium of investors consisting of the European Bank for Reconstruction and Development (EBRD), Invalda INVL (the leading asset management group in the Baltics) and Horizon Capital (a private equity fund manager investing in developing Europe). The remaining shares of the bank are owned by more than 3,000 local shareholders.
MD Partners and the EBRD each hold 37.5% of the shares of HEIM Partners, while US-based Emerging Europe Growth Fund III, managed by Horizon Capital, holds a 25% stake.
Invalda INVL owns 51.37% of the shares of MD Partners, while the remaining 48.63% is held by INVL Special Opportunities Fund, an investment fund for informed investors managed by INVL Asset Management.
About EFSE
An impact investment fund established in 2005, the European Fund for Southeast Europe (EFSE) aims to foster economic development and prosperity in Southeast Europe and the Eastern Neighbourhood Region by investing in the success of micro and small enterprises as well as improved living conditions for private households. As access to financial services is key to developing this segment, EFSE focuses on helping local financial sectors strengthen their ability to provide responsible financing for this target group.
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INVL and Šiaulių bankas merged their retail services as of 1 December 2023.
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INVL and Šiaulių bankas merged their retail services as of 1 December 2023.