Bulgarian investor Doverie United Holding has acquired a 64% stake in Moldovan lender Moldindconbank.

The transaction was a part of the government’s plan to consolidate the financial system of the country, reported Reuters.

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Moldindconbank acquisition: Background

Moldova’s financial market regulator head Valeriu Chitan told the news agency that the majority stake ‘was acquired by an investor from Bulgaria – Doverie Holding.’

According to Moldovan stock exchange, the company purchased 3.17 million Moldindconbank shares for $44.5m.

However, the deal was not immediately confirmed by the Moldindconbank, the second largest bank in the country.

Doverie also did not comment on the acquisition, but it announced a preliminary agreement last week.

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Moldindconbank holds more than 20% market share in the Moldovan banking sector. In October 2016, the central bank of the country froze its shares citing irregularities.

It is the third major bank in the country to be sold to a foreign company, as a part of the International Monetary Fund (IMF)-supported financial sector restructuring.

In October last year, a European Bank for Reconstruction and Development (EBRD)-led consortium acquired a 41% stake in Moldova-Agroindbank.

Moldova has been working to clean-up the lending system in the country following the bank fraud in 2014. The scam led to the disappearance of $1bn from three lenders Banca de Economii, Unibank and Banca Socială.

The incident triggered the introduction of multiple reforms in the banking system.