Moldova-Agroindbank (maib), Moldova’s largest commercial bank, one of whose shareholders is the leading Baltic asset management group Invalda INVL, will pay out 757 million Moldovan leu (MDL) (EUR 39.4 million) of dividends for the period 2021-2023. Payment of dividend was agreed by the shareholders of maib at a shareholders’ meeting held on 19 June and approved by the National Bank of Moldova.
“Despite the ever-changing environment, maib’s customer focus and digitalisation efforts have enabled it to achieve very strong results, the fruits of which can also be enjoyed by the bank’s shareholders. We are retaining most of maib’s profits for the 2021-2023 period, so that maib can continue on its growth path,” says Vytautas Plunksnis, the Chairman of the Supervisory Board of maib.
Maib’s total return on capital for 2021-2023, including the MDL 198 million (EUR 10.3 million) of dividends paid out in 2023, equals to MDL 1.2 billion (EUR 59.8 million), or 38% of the net profit for the 3-year period. This is in line with maib’s dividend policy of paying out 30% to 50% of net profit for the financial year to shareholders.
In 2023, maid had an audited net profit of MDL 1.22 billion (EUR 64 million), or 7.5% more than in 2022. The bank’s capital adequacy ratio stood at 23.6% as of the end of the first quarter of 2024.
Maib’s shareholders also voted in favor of the decision, allowing the bank to buy back up to 5% of its own shares to use for employee incentives.
New Supervisory Board
Maib shareholders have also elected a new 7-member Supervisory Board. Five current members of the Supervisory Board will remain, including Vytautas Plunksnis, Head of Private Equity and Member of the Board at INVL Asset Management, who has been re-elected as the Chairman of the Supervisory Board, together with Victor Miculet, Natalia Vrabie, Konrad Kozik and Vasile Tofan, who will serve as members of various committees at the bank.
Two new members will join the Supervisory Board. Andreea Pipernea, with over 20 years of experience in financial services, having headed NN Pensii, the largest private pension fund in Romania, and held senior positions at Citibank, Erste, RBS and ABN Amro in Romania, as well as a number of advisory roles. The other new member, Madeline Alexander, is an experienced audit and advisory partner who has worked at KPMG, Deloitte and TGS in Romania.
About maib
Maib is the largest bank in Moldova. As of 31 Mach 2024, it accounted for 36% of the country’s bank assets market and 38% of loans, and 37% of the deposits. The bank serves more than a third of the people in Moldova and is one of the country’s largest employers. Maib has a high level of capitalisation – as of 31 March 2024, its capital adequacy ratio was 23.7%. The bank has been recognised for customer service quality and product innovation.
Since 2018, maib’s largest shareholder is a consortium of investors consisting of the European Bank for Reconstruction and Development, Invalda INVL – the leading Baltic asset management group, and Horizon Capital – a private equity fund manager focused on emerging Europe. The consortium owns 41.1% of maib’s shares.
About Invalda INVL Group
Invalda INVL is the leading Baltic asset management group with a track record spanning over 30 years. Growing and developing with an open approach, it creates well-being for people through its work. The group’s companies manage EUR 1 billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, and real estate as well as private debt. The group’s scope of activities also includes family office services in Lithuania and Latvia, management of pension funds in Latvia, and investments in global third-party funds.