The European Bank for Reconstruction and Development (EBRD) has offloaded its 8.84% stake in Moldovan lender Mobiasbanca, a unit of French banking group Societe Generale.

The deal is valued at €2.6m. Mobiasbanca is the fourth largest bank in Moldova.

EBRD initially acquired a stake in Mobiasbanca in 2008.

Till date, EBRD has offered over €60m funding to Mobiasbanca for on-lending to local firms.

EBRD head in Moldova Angela Sax said: “Groupe Société Générale was the very first foreign bank to enter the Moldovan market and the EBRD is proud to have played an important role as shareholder throughout the past 10 years.

“We are pleased with Mobiasbanca’s achievements and its high corporate governance standards.

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“We are happy to have helped bring best international practices to the Moldovan banking sector and continue to have confidence in Mobiasbanca’s future prospects.”

The stake sale by EBRD comes shortly after Societe Generale agreed to sell its majority stake in Mobiasbanca to Hungarian lender OTP Bank.

The deal is part of Societe Generale’s plan to quit markets where it lacks critical size.

Recent EBRD deals:

Last November, EBRD bought a 6.25% stake in Slovenian lender Nova Ljubljanska banka.

In the same month, EBRD purchased a stake of around 4.5% in French banking group BNP Paribas’ Polish unit.