Victoriabank, part of the Banca Transilvania Financial Group, has today taken the first step towards a new acquisition in the Republic of Moldova in the microfinance sector. Representatives of Victoriabank and Microinvest, the market leader in microfinance in the Republic of Moldova, signed in Chisinau the agreement by which Victoriabank will acquire Microinvest.
The new acquisition will contribute to the growth of Victoriabank, the third largest bank in the Republic of Moldova, by diversifying its offer, the large number of new customers and its expertise in microfinance.
“Microfinance is a special niche of Banca Transilvania Financial Group, developed by BT Mic, BT Direct and Banca Transilvania. We want to replicate in the Republic of Moldova the success we have had in Romania, both in terms of customer support through microfinance and in the field of acquisitions,” said Bogdan Pleșuvescu, Deputy Managing Director Banca Transilvania.
Microinvest is the largest non-bank lending company in the Republic of Moldova, with a solid market share, 40,000 clients, both legal entities and individuals, 350 employees and 17 branches. It finances SMEs, agribusinesses as well as clients’ personal plans.
“The acquisition of Microinvest reflects Victoriabank’s direction of growth, including through acquisitions. Microinvest is the company that we have always looked at with admiration because it has redefined microfinance in the Republic of Moldova through innovative products and very good customer relations. We appreciate its success, the professionalism of the team and the positive impact on the local economy, added Levon Khanikyan, President Victoriabank.
The transaction will be finalized after obtaining regulatory and supervisory approvals in Romania and Moldova, by which time Microinvest will be operating independently.
“We are honored to be trusted and see this change as an opportunity to accelerate our impact in the Moldovan economy. Microinvest remains true to its mission – to provide accessible, personalized and responsible financing anywhere in Moldova. The support of a strategic shareholder such as Victoriabank, part of the Banca Transilvania Financial Group, strengthens our ability to innovate, expand our range of financial products and reach closer to customers in all regions of the country,” also added Dmitrii Svinarenco, CEO Microinvest.
The Banca Transilvania Group collaborated for the evaluation and preparation of the transaction with Romanian and Moldovan law firms and legal and tax advisors Filip & Company, Vernon | David and Associates, and PWC.
Victoriabank has recently completed the merger with BCR Chisinau, marking the success of the Banca Transilvania Group’s first acquisition in the Republic of Moldova.