{"id":239756,"date":"2007-01-05T18:19:00","date_gmt":"2007-01-05T18:19:00","guid":{"rendered":"http:\/\/new.moldova.org\/2007\/01\/05\/purchase-of-mobiasbanca-bank-by-societe-generale-biggest-transaction-in-history-of-stock-exchange-moldova-22983-eng\/"},"modified":"2007-01-05T18:19:00","modified_gmt":"2007-01-05T18:19:00","slug":"purchase-of-mobiasbanca-bank-by-societe-generale-biggest-transaction-in-history-of-stock-exchange-moldova-22983-eng","status":"publish","type":"post","link":"https:\/\/www.moldova.org\/en\/purchase-of-mobiasbanca-bank-by-societe-generale-biggest-transaction-in-history-of-stock-exchange-moldova-22983-eng\/","title":{"rendered":"Purchase of Mobiasbanca bank by Societe Generale, biggest transaction in history of Stock Exchange Moldova"},"content":{"rendered":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

On Friday, January 5, the Stock Exchange of Moldova registered officially the purchase of Mobiasbanca bank by the Societe Generale de France group; this is the biggest transaction in the history of Stock Exchange. <\/p>\n

Societe Generale offered a price of 313.9 million lei (18.4 million euro) for the major shareholding (70.57%) that belonged to American fund Development Capital Corporation with 63.68%, and individuals Nicolae Dorin (president of the bank); Serghei Cartasov, and Tatiana Hvostovet (deputy presidents of the bank). <\/p>\n

A number of 5,021,651 shares at a price of 62.51 lei per share were put for sale. The nominal value of a share is 10 lei per item. Only Societe Generale group registered for the tender that was held on 5 December 2006 – 4 January 2007. <\/p>\n

"The money for the sold shares is to be paid, in accordance with the law, within three working days after the stock exchange deal was done", specified for BASA-press Rimma Dvortova, Director of Marketing and Quotation Department, Stock Exchange Moldova. <\/p>\n

The Mobiasbanca shareholder general meeting was convened on 17 January 2007, during which the new composition of the bank’s top management is to be decided and the new statute to be approved. Earlier, a Societe Generale manager stated that Mobiasbanca management will be supplement with foreign experts. <\/p>\n

"Mobiasbanca will quickly receive development support from the group it entered", announced in a press release the French group. Societe Generale Group will focus on the development of the bank, particularly of its brand, expansion of its retail nets, and improve staff qualifications, the release reads. <\/p>\n

Societe Generale Group is one of the first financial services group in the Euro zone and the 7th French society, according to its stock exchange capitalization (45.1 billion euro in December 2005). In 2005, the Group, which has 103,000 employees, achieved a net bank income of 10.6 billion euro and a net profit of 4.4 billion euro. Societe Generale is the fourth assets administrator in the Euro zone, with 386 billion euro in its management. <\/p>\n

Mobiasbanca occupies the fifth place among the 15 Moldovan banks according to the volume of its assets (1.89 billion lei at the end of November 2006). The bank holds type C license, which allows it to carry out all transactions provided for by the banking legislation. Over 11 months of last year, the bank had deposits amounting to 1.26 billion lei, and the credit volume amounted to 1.07 billion lei. The share capital of the bank is of 71.15 million lei, and its statutory capital totals 252 million lei. <\/p>\n

The bank was founded in 1990 and currently employs 505 people. Mobiasbanca is a leader on the consumption credit market, with a share of 20%, and has more than 47,000 individual clients and 6,000 legal entities clients. <\/p>\n

Mobiasbanca transaction is the biggest in the history of the Stock Exchange Moldova; other big deals were registered in January 2003, when 96.5% of shares of the beer brewery Vitanta Intravest were sold for 167.5 million lei; and in March 2006, when 19.66% of the shares of Moldova Agroindbank were sold in a deal of 122.4 million lei. <\/p>\n

The purchase of Mobiasbanca by Societe Generale also represents one of the most important penetrations of a world big bank in Moldova. The most important western player on Moldovan banking market until now was Italian Veneto Banca, which purchased Eximbank. <\/p>\n

Another bank that might play an important role is Erste Bank, which penetrated Moldovan market by purchasing Romanian Commercial Bank (BCR), which has a branch office in Moldova – BCR Chisinau. \/\/ BASA-Press<\/p>\n","protected":false},"excerpt":{"rendered":"

Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>Purchase of Mobiasbanca bank by Societe Generale, biggest transaction in history of Stock Exchange Moldova<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-239756","post","type-post","status-publish","format-standard","hentry","category-economy"],"content_social_share":"Reading Time: <\/span> 2<\/span> minutes<\/span><\/span>

On Friday, January 5, the Stock Exchange of Moldova registered officially the purchase of Mobiasbanca bank by the Societe Generale de France group; this is the biggest transaction in the history of Stock Exchange. <\/p>\n

Societe Generale offered a price of 313.9 million lei (18.4 million euro) for the major shareholding (70.57%) that belonged to American fund Development Capital Corporation with 63.68%, and individuals Nicolae Dorin (president of the bank); Serghei Cartasov, and Tatiana Hvostovet (deputy presidents of the bank). <\/p>\n

A number of 5,021,651 shares at a price of 62.51 lei per share were put for sale. The nominal value of a share is 10 lei per item. Only Societe Generale group registered for the tender that was held on 5 December 2006 – 4 January 2007. <\/p>\n

"The money for the sold shares is to be paid, in accordance with the law, within three working days after the stock exchange deal was done", specified for BASA-press Rimma Dvortova, Director of Marketing and Quotation Department, Stock Exchange Moldova. <\/p>\n

The Mobiasbanca shareholder general meeting was convened on 17 January 2007, during which the new composition of the bank’s top management is to be decided and the new statute to be approved. Earlier, a Societe Generale manager stated that Mobiasbanca management will be supplement with foreign experts. <\/p>\n

"Mobiasbanca will quickly receive development support from the group it entered", announced in a press release the French group. Societe Generale Group will focus on the development of the bank, particularly of its brand, expansion of its retail nets, and improve staff qualifications, the release reads. <\/p>\n

Societe Generale Group is one of the first financial services group in the Euro zone and the 7th French society, according to its stock exchange capitalization (45.1 billion euro in December 2005). In 2005, the Group, which has 103,000 employees, achieved a net bank income of 10.6 billion euro and a net profit of 4.4 billion euro. Societe Generale is the fourth assets administrator in the Euro zone, with 386 billion euro in its management. <\/p>\n

Mobiasbanca occupies the fifth place among the 15 Moldovan banks according to the volume of its assets (1.89 billion lei at the end of November 2006). The bank holds type C license, which allows it to carry out all transactions provided for by the banking legislation. Over 11 months of last year, the bank had deposits amounting to 1.26 billion lei, and the credit volume amounted to 1.07 billion lei. The share capital of the bank is of 71.15 million lei, and its statutory capital totals 252 million lei. <\/p>\n

The bank was founded in 1990 and currently employs 505 people. Mobiasbanca is a leader on the consumption credit market, with a share of 20%, and has more than 47,000 individual clients and 6,000 legal entities clients. <\/p>\n

Mobiasbanca transaction is the biggest in the history of the Stock Exchange Moldova; other big deals were registered in January 2003, when 96.5% of shares of the beer brewery Vitanta Intravest were sold for 167.5 million lei; and in March 2006, when 19.66% of the shares of Moldova Agroindbank were sold in a deal of 122.4 million lei. <\/p>\n

The purchase of Mobiasbanca by Societe Generale also represents one of the most important penetrations of a world big bank in Moldova. The most important western player on Moldovan banking market until now was Italian Veneto Banca, which purchased Eximbank. <\/p>\n

Another bank that might play an important role is Erste Bank, which penetrated Moldovan market by purchasing Romanian Commercial Bank (BCR), which has a branch office in Moldova – BCR Chisinau. \/\/ BASA-Press<\/p>\n

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