Romania’s Banca Transilvania intends to acquire an initial stake of over 39 per cent in Victoriabank, Moldova’s third-largest bank, according to a EBRD statement.

Banca Transilvania has requested the approval for the acquisition from the banking regulators and other relevant authorities of Romania and Moldova. This will be the first time a foreign bank investor has entered the Moldovan market since 2007.

As a result of the planned investment, Banca Transilvania and the EBRD will jointly hold a controlling stake in Victoriabank. In line with the law they will then offer to buy the remaining shares.

The EBRD, a minority shareholder in Victoriabank, increased its stake to 27.5 per cent last year in a move to restore effective corporate governance and attract a strong strategic investor to Victoriabank.

Banca Transilvania is the second-largest bank by total assets in Romania with the EBRD as a shareholder since 2001.