Romanian Commercial Bank S.A. and the Commercial Bank Victoriabank S.A., one of the largest banks in the Republic of Moldova, have agreed on a full sale agreement of the shares held by Banca Comercială Română in the BCR Chișinău S.A. branch. Victoriabank is the third largest bank in the Republic of Moldova by assets, with almost 300,000 active clients and 70 offices throughout the country.

The completion of the transaction is expected to take place in the second half of this year and it is necessary to fulfill several suspensive conditions, including the approval of the National Bank of Moldova, the National Bank of Romania, the European Central Bank, the Competition Council of the Republic of Moldova and the National Commission of the Financial Market of the Republic of Moldova. Until the approvals are received, BCR Chișinău and Victoriabank will operate independently, after which BCR Chișinău will be integrated into Victoriabank.

BCR Chișinău has over 13,000 active clients, 110 employees, and four units, two in Chișinău, and one unit each in Cahul and Bălți.

BCR Chișinău is a solid and high-performing bank, a model of good governance with quality services and products that bring added value to customers. All of this comes from the effort and dedication of an extraordinary team of people. I am grateful to my colleagues at BCR Chișinău for all their passion and dedication and for the support offered to customers over the years. For BCR, this decision is part of the strategy to focus exclusively on the development of the business in Romania, while for all stakeholders - colleagues, customers, and partners - the acquisition of BCR Chișinău by Victoriabank represents the opening of a new ecosystem of partnerships and commercial synergies. In the immediate period ahead, our priority, together with partners, is to ensure the smoothest possible transition for customers and colleagui, declared Sergiu Manea, CEO of Romanian Commercial Bank and Chairman of the Supervisory Board of BCR Chișinău.

BCR Chișinău has over 13,000 active clients, and the takeover by Victoriabank is based on consolidating and making more accessible the services we offer to our clients, through greater territorial coverage. A process of integration is underway, which has been designed to be as simple and easy as possible, and our priority is to provide ongoing support and assistance to colleagues and clients throughout the implementation of this transfer, stated Juan Luis Martin Ortigosa, Executive President BCR Chișinău.

Victoriabank has gone through an extensive transformation process over the past 5 years in terms of the corporate governance model and business model. Thus, a solid foundation was created, built on transparent corporate values and based on the experience of Banca Transilvania, the largest bank in Romania and one of its largest shareholders. On this solid foundation, Victoriabank has become a pioneer in Moldova in the digital field and has developed by increasing synergies with Romania and the European Union, offering customers and employees numerous innovative solutions that bring them closer and closer to the experience of companies in the EU, stated Bogdan Pleșuvescu, CEO Victoriabank 2018 – 2022.

This acquisition reconfirms Victoriabank's mission to strengthen its position in the banking market and its commitment to being a supporter of the economy of the Republic of Moldova. Victoriabank and BCR Chișinău have a similar business model, with products and services for individual and corporate clients. We appreciate the achievements of BCR Chișinău so far and the high loyalty of its clients , stated Levon Khanikyan, CEO Victoriabank.

Legal consultants who participated in structuring, negotiating, and implementing the transaction and the share purchase agreement are:

• Schoenherr and Associates SCA, together with Schoenherr Moldova, acting as legal advisor to the Romanian Commercial Bank S.A.
• Filip & Company, together with Vernon, David and Associates from the Republic of Moldova, acting as legal advisor for Victoriabank S.A.