Moldova-Agroindbank shareholders approved IPO and listing on Bucharest stock exchange

Moldova-Agroindbank (maib), Moldova’s largest commercial bank, of which the leading Baltic investment management and life insurance group Invalda INVL is a shareholder, will prepare for an initial public offering (IPO) and listing of its shares on the Bucharest Stock Exchange. That decision was made at an extraordinary general meeting of maib’s shareholders on Wednesday.

“An IPO by maib and floating of the bank’s shares on a foreign exchange is a key part of the strategy of the bank's existing shareholders, and we are moving steadily towards that goal. The successful listing of maib’s shares on an international stock exchange would be an important achievement not only for the bank but also for the whole country, as it would put Moldova on investors’ radar and attract capital to the country,” says Vytautas Plunksnis, the Chairman of the Supervisory Board at maib and Head of Private Equity at INVL Asset Management.

He says maib’s objective is a long-term return on capital of 20%. Thus it seems reasonable to expect that the rapid growth of the Moldovan banking market along with the payment of 35%-50% of net profit as dividends would attract investors to this undisputed market leader.

As of the end of September 2022, maib held a 36.3% share of the loan market in Moldova, while the nearest competitor’s market share was 20.3%.

Maib’s shares are currently listed on the Moldova Stock Exchange, but the liquidity of that exchange is extremely low.

Last year the bank earned an audited net profit of 721 million Moldovan leu (MDL) (EUR 35.9 million). In the first nine months of 2022, maib had an unaudited net profit of MDL 836.7 million, or EUR 44.1 million, which is 66% more than in the same period of 2021.

At the end of September, maib had a capital adequacy ratio of 22% and a liquidity ratio of 117%.

Since 2018, maib’s largest shareholder is HEIM Partners, a consortium of investors consisting of the European Bank for Reconstruction and Development, Invalda INVL – a leading investment management and life insurance group in the Baltic region, and Horizon Capital – a private equity fund manager focused on emerging Europe. The consortium owns 41.09% of maib’s shares. Invalda INVL invested in the bank through the company MD Partners, of which it controls 51.37% of shares. The rest of the shares of MD Partners belong to private investors who have invested through the INVL Special Opportunities Fund managed by INVL Asset Management.

Contact person for further information:

Vytautas Plunksnis, Head of Private Equity at INVL group,

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