A consortium led by Invalda INVL has secured permission from the National Bank of Moldova to acquire a 41.09% stake in the largest Moldovan bank Moldova-Agroindbank.

The consortium includes the European Bank for Reconstruction and Development (EBRD) and Ukrainian private equity manager Horizon Capital.

Through a newly established specialised venture capital fund by INVL Asset Management, Invalda INVL will raise funds from private investors to seal the transaction.  However, there is no certainty that the transaction will materialise, Invalda INVL said.

Agroindbank is one of the largest commercial bank in Moldova.  The bank had €1.078bn is assets and €180m in equity by the end of August last year.

Moldova government begun overhaul of the banking sector and scrapped 42% of shares in Moldova Agroindbank for subsequent reissue in the wake of $1bn banking scam that put Moldova on the brink of collapse in 2015.

The government tried to offload the shares in the bank several times but it failed to find the investors, according to Reuters.

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Vilnius-based Invalda INVL group’s companies manage more than €600m of assets under management, on behalf of more than 190,000 clients in Lithuania and Latvia as well as overseas investors.

Horizon Capital administers funds which offer financing to businesses in Ukraine and Moldova.