June 21 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said it has approved the bank’s participation, together with two private equity firms, in an auction for a 41.09% stake in Moldova's largest commercial lender Agroindbank.
Together with AB Invalda INVL and Horizon Capital, EBRD will participate in an upcoming auction for the acquisition of the shares in accordance with legal agreements with the Moldovan government, EBRD said in a press release on Wednesday.
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Moldova Agroindbank is the largest commercial bank in Moldova. The assets of the bank at the end of 2017 amounted to 1.07 billion euro ($1.23 billion), while its equity totalled 180 million euro.
Vilnius-based Invalda INVL group’s companies have more than 600 million euro of assets under management, entrusted to them by over 190,000 clients in Lithuania and Latvia as well as international investors.
Horizon Capital is a private equity firm managing funds which provide financing to businesses in Ukraine and Moldova. Its funds have attracted investments from the EBRD and other investors.
The EBRD is the largest institutional investor in Moldova and has invested over 1.2 billion euro in over 120 projects in the country to date.
($=0.8677 euro)