Banca Transilvania takes over Moldova’s third-biggest bank

Banca Transilvania, one of the top financial groups in Romania, has officially become a shareholder of Victoriabank, the third largest bank in the Republic of Moldova, with a total participation of over 66% alongside the European Bank for Reconstruction and Development (EBRD). The value of this transaction hasn’t been disclosed. Banca Transilvania announced its plan to invest in Moldova in November 2017 and, in the meantime, this acquisition was approved by the supervisory authorities from both Romania and the Republic of Moldova. It is for the first time in the past 10 years when a bank outside the Republic of Moldova is investing on this market. Banca Transilvania plans to develop Victoriabank on a similar business model as the one it has in Romania and will focus mainly on SMEs and microenterprises. Victoriabank has almost 30 years of activity, 540,000 customers, 1,400 employees and nearly 100 units in Moldova. Banca Transilvania signs competitor takeover and goes head to head with market leader BCR editor@romania-insider.com