Moldova’s largest bank MAIB appoints new CEO as it mulls international listing

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Moldova’s largest bank Moldova Agroindbank (MAIB) has appointed Giorgi Shagidze, a former executive at Georgia’s TBC Bank, as the new chairman of its management committee.

Announcing the appointment, which still has to be approved by the National Bank of Moldova, the chairman of MAIB’s board, Vytautas Plunksnis, noted Shagidze’s IPO experience “which may help MAIB come closer to a listing on an international stock exchange”.

MAIB’s shareholders include the European Bank for Reconstruction and Development (EBRD) and two private equity investment funds that bought into the bank in 2018 in what was seen as an important step towards cleaning up the largest bank in a sector plagued by corruption scandals.

Today, MAIB has a market share of about 30% of the country’s banking assets and about 35% of the loan balances. The bank serves over 20% of the country’s population and is one of the largest employers in the country.

Since 2018 its largest shareholder has been HEIM Partners Ltd, a UK-registered company representing the international investor consortium of the EBRD and private equity investors Invalda INVL and Horizon Capital, which used to be run by former Ukrainian finance minister Natalie Jaresko.

Shagidze has over 25 years of experience in the financial and banking sectors, most recently as chief financial officer and chief operating officer at TBC Bank. During his 10 years in the post, TBC Bank increased its assets more than eightfold, becoming the largest bank in Georgia. In 2014, TBC launched its IPO on the London Stock Exchange (LSE), attracting foreign institutional and retail investors. TBC shares are included in the FTSE 250 index with a current market capitalisation of approximately $1bn.

“We are pleased to bring in such a strong leader to take over the executive leadership of MAIB. We rely on the experience and leadership of Giorgi Shagidze to further strengthen MAIB’s position as a leader in the banking sector in the Republic of Moldova, putting, first of all, the needs of our customers at the centre of priorities,” commented Plunksnis, according to a press release from the bank.

“I am convinced that as many satisfied customers as possible will lead to the growth of MAIB’s business, ultimately resulting in superior returns for our shareholders, including through dividends. I also count on Giorgi’s IPO experience, which may help MAIB come closer to a listing on an international stock exchange.”

Shagidze thanked MAIB for its decision. “I look forward to working with the incredibly loyal, professional and talented team of Moldova Agroindbank and to serving MAIB customers in the most valuable way possible. MAIB has the people, culture and technology to provide the best banking products and services to its customers: corporations, small and medium enterprises [SMEs] and individualism,” he said. “This will allow us to ensure the continuity of MAIB traditions, but also to remain at the forefront, to anticipate and anticipate customer expectations, in a constantly evolving business environment.”

By Clare Nuttall in Glasgow February 4, 2021, Published on

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