Premiere in the Republic of Moldova’s banking sector: Victoriabank acquired BCR Chisinau
Victoriabank acquired BCR Chisinau today, thus marking a premiere on the Moldovan market: a local bank buys another Moldovan banking institution. The agreement to sell the shares held by Banca Comercială Română in BCR Chisinau was announced at the end of March 2023, and since then all approvals from the authorities for the transaction have been received.
The acquisition reconfirms Victoriabank's mission to strengthen its position on the banking market, to be a supporter of the Moldovan economy and to contribute to the increase of synergies with Romania and the European Union.
Victoriabank plans to merge with BCR Chisinau. The integration of BCR Chișinău into Victoriabank will take place in approximately six months and is planned to be as smooth as possible for BCR Chișinău customers who, during the integration period, should continue to contact the BCR Chișinău team.
The integration will be carried out with the contribution of both banks and, based on Banca Transilvania Financial Group's expertise on bank acquisitions and integrations in Romania. BT Group has extensive experience in Romania on rapid bank acquisition and integration, having so far acquired Idea::Bank (2021), Bancpost (2018) and Volksbank Romania (2015).
"This acquisition is a big step in Victoriabank's history and I am confident it will help us to be more competitive. We thank Banca Comercială Română for its confidence and the consultants who contributed to the success of the transaction. We are committed to ensuring a smooth transition for BCR Chisinau's customers and we assure them that we have the expertise and resources to offer them new opportunities through our innovative products and services" - states Levon Khanikyan, Chief Executive Officer Victoriabank.
"Throughout our presence in the Republic of Moldova, we have created a bond of trust between our colleagues and BCR Chisinau clients, for which I am grateful to all of them. Together we have developed a high-performing bank, a model of good governance, which has distinguished itself through qualitative services and products. In fact, the BCR Chisinau team has always put added value and real impact in the lives of their customers. This relationship will continue to be strengthened by the integration of the bank with Victoriabank, which will open up new opportunities and commercial synergies. We thank all those involved in this acquisition and merger process for their exceptional collaboration throughout all the steps required by the banking legislation in the Republic of Moldova and Romania. Also, a big thank you to all those who over the years have been part of the BCR Chisinau story" – states Sergiu Manea, CEO of Banca Comercială Română and Chairman of the Supervisory Board of BCR Chisinau.
BCR Chișinău has over 13,000 customers, about 100 employees and 4 branches.
The legal advisors who contributed to the success of the transaction are Schoenherr and Associates SCA, Schoenherr Moldova (on behalf of BCR Romania) and Filip & Company, Vernon | David and Associates of the Republic of Moldova (on behalf of Victoriabank).
About Victoriabank
Victoriabank is the first commercial bank opened in the Republic of Moldova in 1989. Its largest shareholders are Banca Transilvania and the European Bank for Reconstruction and Development. It is in the top three largest banks in the Republic of Moldova, with assets of over 21 billion Moldovan lei. Victoriabank has 70 branches spread across the country, over 300,000 active customers and 1,100 employees.
