The European Fund for Southeast Europe (EFSE) will provide Victoriabank with a new EUR 15 million loan to support SMEs in Moldova
According to EFSE, the European Fund for Southeast Europe (EFSE) is expanding its partnership with Victoriabank, Moldova's third largest bank, to strengthen support for micro, small and medium-sized enterprises in the country. Under this partnership, EFSE is providing the equivalent of EUR 15 million in Moldovan lei through a 7-year Basel III compliant Tier 2 subordinated loan to help Victoriabank strengthen its position as a leading SME bank and a key pillar of the local economy, contributing to sustainable SME growth and development. “Victoriabank has been a key partner in our efforts to support the Moldovan economy, especially in the micro, small and medium enterprise sector,” said EFSE Board Chair Andrea Hagmann. She said this new funding will allow the bank to strengthen its growth ambitions and ensure that MSMEs across the country receive the financing they need to thrive. “We are proud to continue our successful partnership with EFSE by signing this second funding agreement. By effectively utilizing the first round of financing, this additional EUR 15 million will allow us to further support the growth of Moldovan MSMEs in the face of the current economic challenges. At Victoriabank, we aim to contribute to the resilience and competitiveness of the business community and contribute to the sustainable economic growth of the country,” added Levon Khanikyan, Chairman of the Board of Victoriabank. The European Fund for Southeast Europe (EFSE), founded in 2005, promotes the economic development and prosperity of the countries of Southeast Europe and Europe's Eastern Neighborhood. EFSE was initiated by the KfW Development Bank with the financial support of the German Federal Ministry for Economic Cooperation and Development (BMZ) and the European Commission. As the first public-private partnership of its kind, EFSE raises capital from donor organizations, international financial institutions and private institutional investors. Victoriabank is one of the largest banks in Moldova. Since 2018 Victoriabank is part of Romania's largest financial group, Banca Transilvania. Victoriabank offers customers access to 100% online services including account opening, KYC updates, loan applications and fast T2A transfers. With a customer base of over 310,000, Victoriabank's network includes 68 branches and over 250 ATMs. Victoriabank's largest shareholders are Banca Transilvania from Romania and the European Bank for Reconstruction and Development through the Dutch company VB Investment Holding BV, which owns 72.19% of the Moldovan bank's shares. Victoriabank's major shareholders are Victor Turcan (10.76%), Valentina Turcan (8.07%), Elena Artemenco (4.95%), and Galina Prodisvet (1.58%). // 24.10.2024 - InfoMarket.
