The merger process of BCR Chisinau with Victoriabank is estimated at 1 to 2 million euros and is planned to be completed in 6 months.
As Victoriabank vice-president Vitalie Corniciuc said at a press conference on Tuesday, this deadline is not final, since there are processes that do not depend on the bank, related, for example, to obtaining permits from regulators and compliance with certain legal requirements. Answering a question from the InfoMarket agency, he also noted that the preliminary estimated costs of the merger of 1-2 million euros are associated primarily with consulting services and IT development. At the same time, he emphasized that what is more important is that as a result of consolidation and cost synergy, it will be possible to reduce the current operating costs of BCR Chisinau by 30-50%. In a conversation with an InfoMarket correspondent, the chairman of the board of Victoriabank, Levon Khanikyan, said that every effort would be made to merge the two banks within the expected time frame, while mentioning that Victoriabank has time limits for using the BCR brand, without naming the exact date. Answering questions from journalists, Levon Khanikyan noted that he was satisfied with the amount of the transaction, emphasizing that consolidation in the banking market, the acquisition of new clients and experienced banking employees who currently work at BCR Chisinau are much more important. As the InfoMarket agency reported earlier, on January 11, a transaction for the purchase and sale of 100% of the shares of BCR Chisinau, which was bought by Victoriabank for 224 million 011 thousand lei, was held at the Stock Exchange of Moldova. BCR Chisinau's assets as of November 30, 2023 amounted to 3.85 billion lei, equity – 610.7 million lei, profit – 63.4 million lei. Vice President of Victoriabank Vitalie Corniciuc said that after the merger with BCR Chisinau, Victoriabank's market share will increase from 14% to 16%, and the number of active clients will increase by 13 thousand. Currently, Victoriabank occupies 3rd position in system for most financial indicators; the bank has 22 billion lei in assets, a market share of 14% and 300 thousand active clients.// 16.01.2024 — InfoMarket.
