The shareholders of Moldova-Agroindbank (MAIB), Moldova’s largest commercial bank, elected a new Supervisory Board at a shareholders’ meeting on 23 July. Vytautas Plunksnis, Head of Private Equity at asset management company INVL Asset Management, who until now has been a member of the Supervisory Board of MAIB, became its Chairman.
Five other representatives nominated by the consortium comprised of the European Bank for Reconstruction and Development (EBRD), private equity firm Horizon Capital and Invalda INVL, became members of the Supervisory Board of MAIB – Victor Miculet (elected as Deputy Chairman), Vasile Tofan (Partner at Horizon Capital), Ivane Gulmagarashvili, Konrad Kozik and Maryna Kvashnina. The seventh member is Natalie Vrabie who is a shareholder and former head of the bank.
“Almost two years of work with other consortium partners show that the transformation to establish MAIB’s position as the most customer-friendly and technologically advanced commercial bank in Moldova contributes to changes in the country’s overall banking system. I will continue to pursue these changes by working in the consortium team and representing investors who have entrusted their funds to this investment,” said V. Plunksnis.
MAIB earned EUR 36.8 million of audited net profit last year and additional EUR 14.8 million in the first half of this year (compared to the first half of 2019 net profit in 2020 decreased by 27% largely as a result of higher loan impairment charges due to risks related to COVID-19 pandemic). During the shareholders’ meeting the decision was also taken not to pay dividends for 2019. PwC has been elected as the new auditor of MAIB.
International consortium consisting of the EBRD, Invalda INVL and Horizon Capital, operating through the UK-based company HEIM Partners, owns 41.09% of MAIB’s shares, which were acquired during the share sale auction in October 2018. The remaining shares of the bank are owned by more than 3 thousand 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% are held by INVL Special Opportunities Fund, an investment fund for informed investors managed by INVL Asset Management, one of the leading asset management companies in Lithuania.
The company belongs to the asset management group of Invalda INVL, which manages pension and investment funds, individual portfolios, private equity, and other alternative investments.