The Executive Committee of the National Bank of Moldova has cancelled the early intervention regime in Energbank.
According to the National Bank of Moldova (NBM), the decision was taken on 19 January, simultaneously with the approval of the new member of the Council of Energbank and, as a consequence, with the restoration of the functionality of the Council and the Board of the bank by ensuring the necessary quorum for meetings and decision-making. The bank's Board became functional on October 25, 2022, and the bank's Council - on January 19, 2023. The early intervention regime was established in Energbank on January 11, 2019, after finding the fact of concerted actions of a group of persons who owned 52.55% of the bank's share capital without the mandatory prior approval of the National Bank. During the period of early intervention, the assets of Energbank increased by 147.2 million lei (+5.5%), compared to the end of 2018, amounting to 2 billion 838.5 million lei as of December 31, 2022. At the same time, unfavorable loans decreased by 18.3 million lei (-16.7%), compared to the end of 2021, as well as by 72.6 million lei (-44.7%), compared to the end of 2018 (the early intervention regime was introduced on January 11, 2019). The bank's net income in 2022 was 101.4 million lei, up 98.8% (+49.5 million lei) compared to 2021. According to the NBM the decision to cancel the early intervention regime was conditioned by the fact that the bank improved its internal normative acts and internal control system, increased transparency of shareholders and achieved results by complying with the supervision measures established by the NBM regarding credit activity related to affiliated persons. Thus, during 4 years of early intervention, the administration and management of the bank was ensured to maintain Energbank's financial position, take legal measures to correct the situation with shareholders to ensure the participation in the bank's capital of persons who meet the quality requirements of the bank's shareholders and to restore a healthy and reasonable management of the bank. At the end of 2021, IuteCredit Europe approved the acquisition of a stake exceeding 50% of Energbank's share capital, and IuteCredit Europe became the bank's majority shareholder. As InfoMarket agency informed earlier, the majority shareholder of Moldova's Energbank is the leading European financial group IuteCredit Europe, which presently owns 95.92% of Energbank shares. IuteCredit, founded in 2008, is a leading European company in personal finance. IuteCredit currently serves clients in Moldova, Albania, Northern Macedonia and Bulgaria, and Bosnia and Herzegovina. The share capital of the Energbank is 100 million lei, divided into 2 million shares with nominal value of 50 lei. // 24.01.2023 - InfoMarket.
