Moldova-Agroindbank initiates CEO transition, to be completed by June, 2024

Moldova-Agroindbank (maib), the largest commercial bank in Moldova, whose one of the shareholders is the leading asset management group in the Baltics – Invalda INVL, has announced today the start of the CEO succession process. After a very successful tenure as CEO, Giorgi Shagidze will depart the bank in June 2024, nearly three and a half years into his mandate, to pursue a new opportunity. The successor CEO will be announced in due course, following a competitive selection process.

Under Giorgi’s leadership, maib has undergone an ambitious transformation, resulting in market share gains across all business segments, a step up in financial performance and more than tripling of maib’s mobile users, cementing the bank’s position as the undisputed leader of the Moldovan banking system.

“Giorgi has led through a truly extraordinary transformation of maib and I am very grateful for everything he and the team have accomplished. I am confident the foundation he has built will serve us for many years in the future and his successor will continue from a very strong base,” said Vytautas Plunksnis, the Chairman of the Supervisory Board at maib and Head of Private Equity at INVL Asset Management.

“Maib has always maintained a strong market position. We have worked together to achieve success across all fronts while undergoing a substantial transformation to a future-proof banking model. I am profoundly grateful to our exceptional management team and all Maibers for exceptional commitment to our ambitious shared goals. I extend my heartfelt gratitude to our clients for their partnership and our shareholders for their trust. Maib is very well positioned to continue strengthening its market position and delivering robust financial results. I am humbled to have been a part of this remarkable journey and will be cheering for the continued success of this incredible team,” commented Giorgi Shagidze.

“As a Supervisory Board, we will ensure that the successor CEO will rise up to the very high bar set by Giorgi. We have already identified a number of strong candidates and will ensure the incoming CEO will have plenty of time to work alongside Giorgi for a thorough transition,” added Vasile Tofan, Chair of the Nomination and Remuneration Committee.

Maib had an unaudited net profit of 958 million Moldovan leu (MDL) (EUR 50 million) in the first nine months of this year, which is 14.3 % more than in the same period last year. Last year, maib had a net profit of MDL 1.13 billion (EUR 56.8 million), which is 56.8% more than in 2021. The 2022 profit was boosted by a one-off transaction in the first quarter of the year involving the sale of a written-off loan for EUR 11.5 million.

About maib 

Maib is the largest bank in Moldova. As of 30 September 2023, it accounted for 34% of the country’s bank assets market and 38% of loans. The bank serves more than a third of the people in Moldova and is one of the country’s largest employers. Maib has a high level of capitalisation – as of 30 September 2023, its capital adequacy ratio was 23%. The bank has been recognised for customer service quality and product innovation.

Since 2018, maib’s largest shareholder is a consortium of investors consisting of the European Bank for Reconstruction and Development, Invalda INVL – the leading Baltic asset management group, and Horizon Capital – a private equity fund manager focused on emerging Europe.

About Invalda INVL

Invalda INVL is the leading Baltic asset management group with a track record spanning over 30 years. Growing and developing with an open approach, it creates well-being for people through its work. The group’s companies manage more than EUR 1 billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, real estate as well as private debt. The group’s scope of activities also includes family office services in Lithuania, management of pension funds in Latvia, and investments in global third-party funds.