A first for the banking sector in the Republic of Moldova 

Victoriabank today acquired BCR Chișinău, marking a first on the Moldovan market: a local bank is buying another Moldovan bank outright. The agreement to sell the shares held by Banca Comercială Română in BCR Chișinău was announced in late March 2023, and all regulatory approvals for the transaction have since been received.

The acquisition reconfirms Victoriabank’s mission to strengthen its position in the banking market, to support the economy of the Republic of Moldova and to help deepen synergies with Romania and the European Union.

Victoriabank plans to merge with BCR Chișinău. The integration of BCR Chișinău into Victoriabank will take place over six months and has been planned to be as straightforward as possible for BCR Chișinău clients, who should continue to contact the BCR Chișinău team throughout the process.

The integration will be carried out with the contribution of both banks and will draw on the expertise of the Banca Transilvania Financial Group in M&A and bank integrations in Romania. The BT Group has the most extensive experience in Romania in the swift acquisition and integration of banks, having purchased Idea::Bank (2021), Bancpost (2018) and Volksbank România (2015) to date.

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

Over our time in the Republic of Moldova, we have built a relationship of trust among colleagues and with BCR Chișinău’s clients, for which I am grateful to all. Together we developed a high-performing bank, a model of good governance, noted for quality services and products. The BCR Chișinău team has always prioritised added value and real impact in clients’ lives. This relationship will continue to be strengthened through the integration with Victoriabank, which will open up new opportunities and commercial synergies. We thank everyone involved in this acquisition and merger process for the outstanding collaboration throughout all the stages required under the banking legislation of the Republic of Moldova and Romania. Also, my deep respect and a big thank-you to all those who over the years have been part of the BCR Chișinău story – says Sergiu Manea, CEO of Banca Comercială Română and Chairman of the Supervisory Board of BCR Chișinău.

BCR Chișinău has over 13,000 clients, around 100 employees and 4 branches.

The legal advisors who contributed to the success of the transaction are: Schoenherr și Asociații SCA, Schoenherr Moldova (for BCR Romania), and Filip & Company, Vernon | David și Asociații from the Republic of Moldova (for Victoriabank).