BCR to sell Moldova subsidiary to BT-controlled Victoriabank

Banca Comercială Română (BCR), the second largest bank in Romania, has agreed to sell its subsidiary in the Republic of Moldova to Victoriabank, a bank controlled by Romania's largest lender Banca Transilvania (BT) and EBRD.

The completion of the transaction is expected to take place in the second half of the year, pending the approval of the National Bank of Moldova, the National Bank of Romania, the European Central Bank, the Competition Council of the Republic of Moldova, and the National Commission for Financial Markets.

“For BCR, this decision is part of our strategy to focus exclusively on our business development in Romania, while for all stakeholders - colleagues, customers, and partners, the acquisition of BCR Chișinău by Victoriabank marks the opening of a new ecosystem of partnerships and business synergies. In the upcoming period, our priority, together with our partners, is to ensure a smooth transition for all our customers and colleagues,” said Sergiu Manea, CEO of Banca Comercială Română and Chairman of the Supervisory Board of BCR Chișinău.

BCR Chișinău has over 13,000 active clients, 110 employees, and four branches, two in Chișinău, one in Cahul, and one in Bălți.

Victoriabank is the third largest bank in the Republic of Moldova by assets, with almost 300,000 active clients and 70 branches throughout the country.

“This purchase restates Victoriabank’s mission to consolidate its position in the banking sector and the commitment to being a supporter of the Moldavan economy. Victoriabank and BCR Chișinău have a similar business model, with dedicated products and services both for retail and corporate clients. We do appreciate the achievements of BCR Chișinău and their clients’ remarkable loyalty,” said Levon Khanikyan, CEO Victoriabank.

(Photo source: Gabriel Petrescu | Dreamstime)