Maib CEO Giorgi Shagidze to extend his mandate

Moldova-Agroindbank (maib), the largest commercial bank in Moldova, whose one of the shareholders is the leading asset management group in the Baltics Invalda INVL, has announced today that Giorgi Shagidze will extend his mandate as CEO until 31 December 2025. In the event of a successful IPO of the bank, the mandate shall be extended through 31 December 2026. The formalization of this extension is anticipated to be completed in the coming days, ensuring a seamless continuation of leadership and strategic direction for maib.

Under Giorgi’s leadership, since February 2021, maib has undergone an ambitious transformation, resulting in market share gains across all business segments, a step up in financial performance and more than tripling of its mobile users, cementing the bank’s position as the undisputed leader of the Moldovan banking system.

“After a very successful first phase of the transformation, we focused on a review of strategic priorities, including our plans to list the bank on a reputable stock exchange, as well as explore complementary growth avenues in mobile banking. I am delighted to embark on this next phase of maib’s development with Giorgi at the helm”, said Vytautas Plunksnis, Chairman of the Supervisory Board of maib, Head of Private Equity at INVL Asset Management.

“It is a privilege for me to continue leading maib in this next transformation phase. Moldova is at a critical juncture now, following the historic decision by the European Council in December to open accession negotiations. As the #1 bank in the country, we see a tremendous opportunity, but also responsibility, for maib, in this convergence journey.  I am especially pleased to lead this exceptional team and the bank as a whole, each member of which has been crucial for our success”, said Giorgi Shagidze, CEO.

Maib 2021-2023: key highlights

• Team: Strengthened the team by attracting new leaders for the Finance, SME, HR, IT, and Marketing functions. Simplified the head office organization by cutting the number of subordination layers to three, while rejuvenating some 40% of middle management positions;
• Market position: Increased retail share by 5 percentage points to 33.7%, and SME share by 15 percentage points to 37.0%;
• Financial performance: 2023 net income is 70% higher than the 2019 figure (and over 2.3 times higher than the 2020 result), despite the geopolitical turbulence in the region;
• Digital and payments: Tripled number of mobile customers to 590,000, with over 55% of retail loans and 65% of deposits now issued in the app;
• Brand: Upgraded the brand identity, including the renovation of 90% of the branch network, significantly upgrading in-store customer experience and simplifying workflows;
• Corporate governance and risk: The bank’s NPLs stand at 2.7%, with a coverage ratio of 180%. The bank upgraded corporate governance practices to fully comply with both Moldova Stock Exchange and Bucharest Stock Exchange governance requirements;
• ESG: Developed a long-term ESG roadmap issuing the first ESG report in the country, with an ambition to become ESG rated already this year;
• Agile: The bank has transformed into an Agile organization, with decentralized teams organized around customers, boosting the speed of execution and innovation. The transition has been further supported by the launch of the new head office, maib park, a landmark office building in Moldova, and a progressive workspace to attract and retain the best talent.

About maib

Maib is the largest bank in Moldova. As of 31 December 2023, it accounted for 34% of the country’s bank assets market and 37% of loans. 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 December 2023, its capital adequacy ratio was 24%. The bank has been recognised for customer service quality and product innovation.

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 more than EUR 1 billion of assets across multiple asset classes including private equity, forests and agricultural land, renewable energy, 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.