Moldova approves sale of Moldindconbank stake to Bulgarian investor

The National Bank of Moldova has approved the sale of a 64 per cent stake in the country’s second-largest lender, Moldindconbank, to a Bulgarian investment fund, Doverie United Holding.

Moldindconbank will be the third major bank sold to a foreign investor as part of a clean-up of the banking system following a scandal in 2014 when more than one billion US dollars disappeared from three of the country’s banks. The sale will be seen as a further step in meeting the requirements of Moldova’s international backers, including the International Monetary Fund and the World Bank, to root out corrupt practices and make the ownership of lenders more transparent.

The national bank said it “considers the potential investor’s intention as a notable opportunity to develop Moldindconbank on a long-term basis and to increase the competitiveness and quality of services offered to its clients.”

In October 2018, a consortium led by the European Bank for Reconstruction and Development bought a 41 per cent stake in Moldova’s largest lender, Moldova-Agroindbank.

Photo: Moldindconbank