Happy Birthday, National Bank of Moldova! Happy Banker’s Day, country!
The banking system is the "circulatory system" of the economy. Moldova’s banking system started with five state banking institutions, republican divisions of the banks of the USSR: Agroprombank (Агропромбанк) (now Moldova Agroindbank), Promstroybank (Промстройбанк) (now Moldindconbank), Vnesheconombank (Внешэкономбанк) (now Eximbank), Zhilsotsbank (Жилсоцбанк) (later Banca Socială) and Sberbank (Сбербанк) (later Banca de Economii), privatized in the early 1990s. The birthday of the banking system is June 4, 1991, when the National Bank of Moldova was founded. And by the end of 1991, the first commercial banks of Moldova, Bancosind and Victoriabank, received the first licenses from the National Bank.
In total, 27 commercial banks were registered in Moldova over three decades. Of these, 16 subsequently lost their licenses (in alphabetical order): Banca de Economii, Bancosind, Banca Sociala, Banca Turco-Romana (BTR) - Moldova, Basarabia, BIID Moldova-Bulgaria, Businessbanca, Capital Bank, Guinea, Greek ISB (Moldova), Intreprinzbanca, Investprivatbank, Oguzbank, Unibank, Universalbank, and VIAS.
Of all these banks, only the Greek ISB (Moldova) managed to leave the market with dignity - in 1999 it was absorbed by FinComBank in a civilized manner. In the Moldovan market, this was the first and only case of two commercial banks’ merger. There was also an attempt in 2001-2002 to merge BusinessBanca and PetrolBank, but their shareholders could not reach an agreement until the end, and as a result, the second was renamed Eurocreditbank, and the first went to liquidation after a while.
Today there are 11 commercial banks in Moldova: BCR Moldova, Comertbank, Energbank, Eurocreditbank, Eximbank, Fincombank, Mobiasbanca, Moldindconbank, Moldova Agroindbank, Procreditbank, Victoriabank. By its 30th anniversary, the Moldovan banking system has almost completely passed under the control of foreign investors.
Many events have taken place in the Moldovan banking market over 30 years, the loudest of which is the theft of a billion US dollars, which led to the bankruptcy of three banks and a chain of negative consequences for the country's economy and image. Today we will only mention it.
The National Bank is celebrating its 30th anniversary headed by its fourth governor. Octavian Armasu (since 2018) replaced Sergiu Cioclea (2016-2018), who headed the NBM after Dorin Dragutanu (2009-2016). The first governor of the National Bank, the founder of the modern Moldovan banking system, one of the authors of the Law on the National Bank and the Law on Financial Institutions is Leonid Talmaci. He is also the person under whom the Moldovan national currency appeared in late 1993. Leonid Talmaci headed the National Bank for 18 years: from 1991 to 2009. He raised "his offspring" to adulthood, preparing it for a full "adult" life.
InfoMarket Agency, while annually congratulating bank employees on their professional holiday, always wishes them to accomplish the main achievement in the profession: a balance that comes together from the very first time! Let's not break the tradition! Happy Birthday, National Bank! Happy professional holiday to all bank employees!
