Premiere in the banking system of the Republic of Moldova

Victoriabank has purchased today BCR Chișinău and thus marks a premiere in the market of the Republic of Moldova: a local bank fully buys another banking institution in Moldova. The sale agreement of the shares held by Romanian Commercial Bank at BCR Chișinău was announced at the end of March 2023, and meanwhile all approvals from the authorities regarding the transaction have been received.

The acquisition reconfirms Victoriabank's mission to strengthen its position in the banking market, to be a supporter of the economy of the Republic of Moldova, and to contribute to increasing synergies with Romania and the European Union.

Victoriabank intends to merge with BCR Chișinău. The integration of BCR Chișinău into Victoriabank will take place over six months and is planned to be as simple as possible for BCR Chișinău clients who, during the integration, must continue to contact the BCR Chișinău team.

Integration will be carried out with the contribution of both banks and based on the expertise of the Financial Group Banca Transilvania regarding acquisitions and bank integrations in Romania. The BT Group has the greatest experience in Romania regarding the acquisition and rapid integration of banks, so far having bought Idea::Bank (2021), Bancpost (2018), and Volksbank România (2015).

This acquisition is a big step in the history of Victoriabank and I am confident that it will help us be more competitive. We thank Banca Comercială Română for the trust granted, as well as the consultants who contributed to the success of the transaction. We are dedicated to ensuring a smooth transition for BCR Chișinău's clients and assure them that we have the experience and resources necessary to offer them new opportunities through our innovative products and services – declares Levon Khanikyan, President of Victoriabank.

Throughout our presence in the Republic of Moldova, we have created a bond of trust between the colleagues and clients of BCR Chișinău, for which I am grateful to all. Together we have developed a high-performing bank, a model of good governance, which has stood out through quality services and products. Moreover, the BCR Chișinău team has always put added value and real impact in the clients' lives first. And this relationship will continue to be strengthened through integration with Victoriabank, which will open new opportunities and commercial synergies. We thank all those involved in this acquisition and merger process for the exceptional collaboration throughout all the stages provided by the banking legislation of the Republic of Moldova and Romania. Also, a bow and a big thank you to all those who over the years have been part of the BCR Chișinău story – mentions Sergiu Manea, CEO of the Romanian Commercial Bank and Chairman of the Supervisory Board of BCR Chișinău.

BCR Chișinău there are over 13,000 clients, about 100 employees and 4 offices.

Legal consultants 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 from the Republic of Moldova (on behalf of Victoriabank).