Maib at second Moldova-Romania Capital Bridges conference in Bucharest

28 Mar, 2024

Maib took part in the second edition of the Moldova-Romania: Capital Bridges forum, organized by the Bucharest Stock Exchange. The forum brought together a diverse array of participants, including political dignitaries, business leaders, investors, and public officials from both Romania and Moldova, as well as international stakeholders. The event, held in a hybrid format, featured insightful discussions, panel sessions, and networking opportunities, both in-person and online. It took place at the JW Marriott hotel in Bucharest and was widely covered in the press, both in Romania and abroad.

Willingness to help Moldova on EU path – key theme of opening speeches

The conference commenced with opening remarks by distinguished speakers, including Nicolae Ciucă, President of the Romanian Senate, Igor Grosu, President of the Moldovan Parliament, Marcel Ciolacu, Prime Minister of Romania, Dorin Recean, Prime Minister of the Republic of Moldova, Anca Dragu, National Bank of Moldova Governor, Alexandru Petrescu, President of the Financial Supervisory Authority of Romania, Dumitru Budianschi, Chairman of the National Commision for Financial Markets, Odille Renaud-Basso, President, EBRD, and Radu Hanga, President of the Board of Directors, Bucharest Stock Exchange. Key themes of the speeches were Romania’s unwavering support for Moldova’s European accession, extension of economic cooperation and work on development of connections between the county’s capital markets.

After the opening speeches Prime Minister Dorin Recean discussed the economic landscape, policy initiatives, and EU accession aspirations of Moldova, in an interview hosted by Ionut Dumitru, Chief Economist Raiffeisen Bank Romania. He emphasized that the last presidential election and the European sentiment currently felt in the country signals that Moldova is finally heading towards the west, with all of the economic and social benefits this might signify.

Panel discussions dive deep into detail on the ground

Three panel discussions followed. First one titled “Economy, policy and reforms” was moderated by the WOOD&Co Chief Economist, Raffaella Tenconi. It featured a discussion on the matter of the progress and outlook for the country’s economy, in the context of the EU accession. The participants were the EBRD Moldova Country Head, Catarina Hansen, the Moldovan Deputy Prime Minister, Dumitru Alaiba, and the IFC Regional Director, Ari Naim. Out of this discussion several important talking points were raised:

How the EU accession process actually looks like on the ground
Trends and opportunities in the labour market
Interconnectivity and the logistical situation
Work of IFIs and the funding environment

“Investment opportunities: business view” panel was moderated by the Horizon Capital Senior partner, Vasile Tofan. This discussion encompassed the current challenges and opportunities which international and domestic businesses face in Romania and Moldova. The participants were the Purcari Deputy CEO, Alex Filip, the Moldcell CEO, Carolina Bugaian, the Invalda INVL Head of Private Equity, Vytautas Plunksnis, and the Premier Energy CFO, Peter Stohr. Some key themes highlighted were:

What foreign investors are looking for
Opportunities and histories of important Moldovan sectors
Why investors should not fear the war in Ukraine
The importance of interconnectivity between Romania and Moldova

“Banking sector: gearing up for growth” was moderated by the EBRD Associate Director, Bayan Carter. This panel consisted of a thorough discussion amongst domestic and international banks on their outlook upon the sector they operate in. The participants were the maib CEO, Giorgi Shagidze, the Raiffeisen Bank International Head of Group Structured Finance & Investment Banking, Herald Kröger, and the Procredit Group Member of the Management Board, Gian Marco Felice. Amongst the themes present during the discussion, these stood out:

Opportunities and challenges for the banking sector
How EU accession might impact the cost of funding
The regulatory environment in Moldova, and what its alignment with the EU might mean for the country
Capital markets and the possibility of more Moldovan companies listing in Romania

Adrian Tanase, CEO of the Bucharest Stock Exchange provided the concluding remarks for the event.

Nicolae Ciucă, President of the Romanian Senate, said:

"The vision of a competitive and strong Europe that protects its citizens implies a Europe that invests in defence, innovates in energy and preserves the European way of life. In this European Union of the future, Romania and Moldova are together. Our commitment to the Republic of Moldova is undeniable. We have supported and will support all important decisions on the European agenda of the Republic of Moldova."

Igor Grosu, President of the Moldovan Parliament, remarked:

"There is no time to waste, both for us in the Republic of Moldova, who have to align our legislation with the European one, and for you, who want to invest in IT, HoReCa, construction companies, renewable energy production, etc. I come with a last appeal: investors, cross the Prut! Europe's success and model has been based on the prosperity it has created for its citizens. Let's write Europe's history together!"

Marcel Ciolacu, Prime Minister of Romania, commented:

“The Bucharest capital market is now a mature and growing institution. It has already proven to be the ideal launch pad for successful Romanian companies and we want it to play the same role for leading Moldovan firms. The Bucharest Stock Exchange is the place where facts and figures speak for themselves. It is a national resource built with a lot of hard work which, today, we make available to our brothers. We do it because that's what a real family does when it is asked for help!”

Dorin Recean, Prime Minister of the Republic of Moldova, stated:

“Moldova offers multiple opportunities for business development: digitized public services, a competitive workforce, educational opportunities, an attractive tax system and government business support programmes. Our priority is to attract investors who will support the sustainable economic growth, including in areas with high potential. In doing so, we are forging ever closer links with Romania and advancing our path towards European integration.”

Anca Dragu, Governor of the National Bank of Moldova, noted:

"The National Bank supports and encourages initiatives aimed at developing the capital market in the Republic of Moldova, and as the institution responsible for prudential supervision and financial market stability, we want to facilitate the free movement of capital and financial services, which are also negotiating chapters for accession to the European Union, chapters in which the National Bank has a leading role, so that the Republic of Moldova can enjoy prosperity and economic stability. An essential pillar is the harmonisation of national regulations with European ones, a step that will mark the integration of the Moldovan capital market with the international financial market. We are finalising the development strategy of the Single Depository, which is under the coordination of the National Bank of Moldova, along with other important elements."

Alexandru Petrescu, Chairman of the Financial Supervisory Authority, commented:

"I am sure that we will see more and more businesses from the Republic of Moldova listed on the Bucharest Stock Exchange; companies in the critical infrastructure, telecom and energy sectors. It's time for experts to work on the legislation allowing the listing of maib on the Romanian capital market. And from this point of view, we are working intensively, together with the BVB, the Central Depository, the National Bank of Moldova, the National Bank of Romania, so as to create a legislative framework that will allow a successful listing. I have no doubt that this is imminent and will happen as soon as possible."

Dumitru Budianschi, President of the National Financial Market Commission of the Republic of Moldova, stated:

"The National Commission of the Financial Market of the Republic of Moldova, together with government institutions, is currently working on a medium-term strategic document for the development of the capital market. We hope that this document will be approved by the Moldovan Parliament by the end of 2024. We are firmly convinced that the involvement of the Bucharest Stock Exchange in the capital market of the Republic of Moldova will make an essential contribution to the modernization of the infrastructure, will increase the attractiveness and activity of the capital market in the Republic of Moldova. maib in 2023 made the first public issue of corporate bonds, and maib's intention to be listed on the Bucharest Stock Exchange also makes an essential contribution to improving the process of regulation and integration of the markets in the Republic of Moldova and Romania".

Radu Hanga, President of the Board of Directors at the Bucharest Stock Exchange, remarked:

“The Bucharest Stock Exchange is a valuable partner for the Republic of Moldova in the development of its capital market. Through the practices and experience of the Bucharest Stock Exchange, Moldova can build a robust capital market, and the close collaboration between the two capital markets can foster regional cooperation, including in financial markets, to the benefit of both countries' economies. The already existing initiatives and the market interconnection initiated by regulators, supervisors and other stakeholders in Romania and Moldova, as well as all the steps taken by maib towards listing on the Bucharest Stock Exchange, pave the way for other Moldovan companies to list on the BVB.”

Giorgi Shagidze, maib CEO, said:

“I extend my sincere gratitude to the Bucharest Stock Exchange, WOOD&Co, Raiffeisen Bank International, and our esteemed partners for their invaluable support towards making this event possible. Moreover, I want to thank our speakers for bringing the insight which brought this forum to life. With our EU candidacy status, Moldova's investment potential is ripe and as the largest bank in Moldova, maib is committed to attracting investors and driving sustainable growth for our economy. I am certain that such events hold immense importance not only for the capital markets of Moldova and Romania but also for fostering stronger economic ties between our nations.”

Adrian Tanase, CEO of the Bucharest Stock Exchange, noted:

“Romania has gone through a complex and challenging path to reach the current level of its capital market and we want to pass on our experience to Moldova. The Bucharest Stock Exchange offers many investment opportunities to both local and foreign investors and has also reached the level where robust companies can attract considerable funding from investors. With a viable capital market in Moldova as well as with companies from across the Prut also listing in Bucharest, we succeed in creating new investment opportunities for Romanian and international investors.”

About maib

Maib is the largest bank in Moldova, with a share of 34.3% of deposits and 37.4% of loans of the entire banking system at the end of 2023. Maib is a disciplined lender with NPL ratio of 2.7% and is well capitalised with CAR of 24.2% as of 31 December 2023. The Bank is of systemic importance to the country, it serves almost a third of the population and is one of the largest private employers in Moldova, with a workforce of over 2,400 people. Since 2018, maib's largest shareholder is a consortium, which includes the European Bank for Reconstruction and Development (EBRD), Invalda INVL, a leading asset management group in the Baltic States, and Horizon Capital, a private investment fund focused on emerging markets.

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