Moldovan lender Victoriabank has successfully finalized its merger with BCR Chișinău, marking a significant milestone in the country’s banking sector. The acquisition, originally announced in 2024, represents the first instance of a local Moldovan bank fully acquiring another domestic banking institution, a move that reinforces Victoriabank’s leadership in the financial market.
With this merger, Victoriabank is strengthening its presence in Chișinău and Bălți, expanding both its branch network and workforce. More than half of BCR Chișinău’s employees have integrated into Victoriabank, with one in four taking on management roles.
“This merger is a key step in our expansion strategy and reinforces our commitment to strengthening the banking market in the Republic of Moldova,” stated Levon Khanikyan, Chairman of the Management Committee at Victoriabank.
The integration process was led by Vasile Donica, former CEO of BCR Chișinău, who has now returned to Victoriabank as Corporate Vice President, a position he previously held.
Financial Gains and Strategic Impact
The merger has significantly boosted Victoriabank’s financial performance. In 2024, the bank’s consolidated net profit surpassed RON 1.1 billion, reflecting a 70% increase compared to 2023. Additionally, the bank’s loan portfolio expanded by over 900 million Moldovan lei, while total assets grew by RON 2 billion at the time of the merger.
Shareholding and Market Position
Founded in 1989, Victoriabank is a leading commercial bank in Moldova. Its key shareholders include Romania’s Banca Transilvania (BT) and the European Bank for Reconstruction and Development (EBRD), which collectively own 72.19% of its share capital through VB Investment Holding BV.
Banca Transilvania first entered Victoriabank’s ownership structure in 2018, initially acquiring a 39.18% stake, later increasing its share to 44.6% within months.
Banca Transilvania’s Market Influence
Banca Transilvania Financial Group, the parent company behind the deal, reported a consolidated net profit of RON 4.7 billion in 2024, of which RON 3.5 billion was generated by its core banking operations. The Group’s subsidiaries and equity holdings added RON 384.6 million to its overall profitability.
As Romania’s largest lender, Banca Transilvania plays a vital role in the country’s economy, contributing over RON 1.7 billion in taxes and social security payments in 2024. The Group’s tax contributions account for approximately 1% of Romania’s total tax revenues and nearly 2% of all corporate income tax collected from local businesses.
With this latest move, Victoriabank cements its position as a dominant force in Moldova’s banking industry, backed by the financial strength of Banca Transilvania and a commitment to long-term growth.
