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Orheiul Vechi boasts steep rocky cliffs, rising high up over the meandering Raut river, and a 13th century Christian monastery carved into an enormous limestone cliff. It comes as no surprise that the history of this archaeological complex would be as rocky and breathtaking as its view.

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Turcan Cazac assists EBRD in increasing stake in Victoriabank

6 June 2016

Chisinau, Moldova – Turcan Cazac has assisted the European Bank for Reconstruction and Development (EBRD) in a process to restructure and increase from 15% to 27.56% its stake in Victoriabank, Moldova’s third-largest lender, in a move to restore effective corporate governance and to ensure Victoriabank’s continued sound financial performance. 

The transactions involved (i) a concurrent transfer by the EBRD and Alpha Bank Romania (ABR), a subsidiary of the Greek Alpha Bank, of their respective shares in Victoriabank to the Dutch company VB Investment Holding BV as in kind-contribution to the capital, and (ii) a subsequent purchase by the EBRD of ABR’s shares in the capital of VB Investment Holding BV.

Turcan Cazac has assisted the EBRD and VB Investment Holding BV to obtain several permissions of the National Bank of Moldova and the National Financial Market Commission to carry out the deal as well as with the transfers of the shares in Victoriabank outside of the regulated capital market of Moldova.

The EBRD is an investor in Victoriabank for 21 years (since 1995).

The firm has assisted the EBRD in relation to the debt financing of Victoriabank since 1999.

In 2005 the EBRD has engaged partner Alexander Turcan for on-going advise on variety of issues in relation to its equity investment in Victoriabank.

During 2015-2016, the EBRD/VB equity transaction was lead by partner Octavian Cazac with assistance from associates Ana Galus, Vadim Taigorba and Diana Ichim.

In this multijurisdictional project the parties were also assisted by English, Dutch, and Romanian counsel.

For more information please visit http://www.ebrd.com/news/2016/ebrd-increases-its-stake-in-moldovas-victoriabank.html