Moldova-Agroindbank will distribute almost EUR 10 million dividend

The shareholders of Moldova-Agroindbank (MAIB), the  largest bank in Moldova, approved MDL 209m (c. EUR 9.8m) dividend at the AGM held on 22 July 2021. Last year no dividend for 2019 was distributed in order to conserve capital in the face of the COVID pandemic.

“The bank has delivered solid results despite the challenging backdrop and we are grateful to the management team for their hard work. The result of the AGM underlines the desire of the shareholders to take MAIB to the next level. The renewed dividend is a testament to bank’s strength and confidence in the future,“ said Vytautas Plunksnis, Chairman of the Board and Head of Private Equity at asset management company INVL Asset Management.

MAIB’s 2020 net profit was MDL 524m (c. EUR 27.3m), a 26% decrease from 2019 (MDL 704m. or c. EUR 37.4m), as the results were affected by COVID-related economic slowdown. Last year, the bank’s loans grew by 9%, assets by 17% and deposits by 18%.

From 2018 MAIB’s largest shareholder, holding 41.09% of the stock, is HEIM Partners, a UK-based company representing a consortium of investors consisting of the European Bank for Reconstruction and Development (EBRD), Invalda INVL (the leading asset management group in the Baltics) and Horizon Capital (a private equity fund manager investing in developing Europe). The remaining shares of the bank are owned by more than 3,000 local shareholders.

MD Partners and the EBRD each hold 37.5% of the shares of HEIM Partners, while US-based Emerging Europe Growth Fund III, managed by Horizon Capital, holds a 25% stake.

Invalda INVL owns 51.37% of the shares of MD Partners, while the remaining 48.63% is held by INVL Special Opportunities Fund, an investment fund for informed investors managed by INVL Asset Management.