Best bank: maib
In recognition of multiple market-leading developments in its banking business and an impressive financial performance last year, maib is Moldova’s best bank.
The bank launched a range of innovations across its operations, including the opening a new modern headquarters in the capital, Chisinau. And this innovation was particularly evident in digital banking and in sustainability.
The bank launched its OnePOS solution for businesses, which combines the capabilities of a terminal with a cash register, as well as its gama universal and premium digital cards. maib enabled online payments via Google Pay for the first time in the country, launched an AI-based chatbot to support customer service and introduced fully digital customer onboarding.
In sustainability, the bank published its first sustainability report last year and provided financing to several sustainability-related projects, such as the construction of a photovoltaic park in the Cahul district with a total installed capacity of 7 megawatts.
maib was also active in supporting the development of the country’s entrepreneurs. The bank is collaborating with the Future Technologies Project – financed by USAID, Sweden and the UK – to support investment in Moldova’s digital commerce infrastructure. It also obtained a $31 million loan from the International Finance Corporation to help finance micro, small, and medium enterprises.
These developments helped boost the business performance of the bank. Net profit climbed 11% year on year to MLei1.25 billion ($70.3 million) – on total revenues of MLei5.4 billion – translating into a return on equity of 17.22%, one of the highest levels in the industry.
Helping to drive this was asset growth of 21% year on year to MLei52 billion, with return on assets at 2.6%.
Best digital bank: maib
Maib has launched full digital onboarding for Moldovan citizens using face ID verification.
It has also introduced its OnePOS 2-in-1 solution, combining a terminal and cash register in one portable device, as well as the gama universal digital card via its mobile app. This product, when added to an electronic wallet, facilitates instant activation and use for online or point-of-sale terminal transactions.
Maib has also pioneered Google Pay acceptance for online payments in Moldova, simplifying transactions conducted on e-commerce platforms supported by the bank.
Best bank for SMEs: OTP Bank
OTP Bank works in tandem with local authorities and international financial institutions on more than 30 programmes providing small and medium-sized enterprise funding. It has disbursed over €20 million for new investment projects and to create and maintain viable jobs.
Between September and December 2023, the bank rolled out a sector-agnostic lending campaign specifically for SMEs with an annual turnover of up to MLei30 million ($1.7 million). This campaign supported enterprises in sectors ranging from trade and manufacturing to agriculture.
The lender works with the government’s 373 programme, through the Organization for the Development of Entrepreneurship. It lends to SMEs at reduced interest rates as part of the scheme.
The bank has signed a new €15 million loan agreement with the European Bank for Reconstruction and Development (EBRD) under the second phase of EBRD’s Eastern Partnership Small and Medium Enterprise Competitiveness programme.
Best bank for ESG: maib
Maib focused on financing renewable energy in Moldova last year in addition to leveraging international partnerships to foster technological innovation and support for local businesses.
It financed one of the largest projects in the Republic of Moldova – a photovoltaic park in the Cahul district, developed by USBA. This project, with an installed capacity of seven megawatts and spanning an area of 11 hectares, is expected to deliver enough electricity to power 2,600 houses for one year and 89,000 kilometres driven by electric cars.
The bank also signed a cooperation agreement with the Future Technologies Project, financed by the US Agency for International Development, Sweden and the UK. This project aims to foster technologies such as online payments, e-commerce and developing a cashless economy.
Additionally, maib secured a $30.8 million loan from the International Finance Corporation, which will be used to improve access to finance for micro, small and medium-sized enterprises in Moldova.
Best bank for corporate responsibility: OTP Bank
OTP Bank worked on a variety of initiatives in culture, health, environmental protection and youth empowerment last year.
It sponsored a special edition of the European Night of Museums event at the Luceafarul theatre, attracting a large audience with a diverse cultural programme. Two children’s theatre performances were organized for more than 400 of its employees’ children.
The also bank partnered with Visa to support Summer Fest, Moldova’s largest music festival, which saw over 50,000 attendees.
Additionally, OTP Bank demonstrated a commitment to public health, donating essential medical equipment to the two main medical institutions in the country.
Environmental preservation was also a priority. OTP Bank volunteers cared for the elm plantation in the Botanical Garden in Chisinau and, with the bank’s financial support, an eco-relaxation area with a rustic fountain was created.
The bank’s support for youth included sponsorship of a library and education centre for vulnerable children in Jevreni, Moldova, providing thousands of children with a space for play and free educational activities. The bank also supported the Moldova team’s participation in the Special Olympics in Berlin by providing sports equipment and plane tickets for 30 team members.
The bank also became the main partner of the social project Winter Story, aimed at supporting helping the elderly and children from disadvantaged families. This project provided social aid to about 1,000 children and 500 elderly people during hikes organized in various localities.
Best bank for corporates: OTP Bank
OTP Bank achieved strong growth in its corporate business last year and now has a 12% market share in the country.
The firm prioritized funding for sectors including agriculture and processing, telecommunications, trade and infrastructure development.
In 2023, for the first time, OTP Bank acted as a conforming bank under the European Bank for Reconstruction and Development’s Trade Facilitation programme, facilitating the access of international companies to important infrastructure projects in Moldova.
It is one of the few banks in the market offering export factoring. OTP Bank’s market share of total export business from Moldova under the Factors Chain International’s two-factor system reached more than 70%.
The bank is currently implementing a software solution that will enable it to provide best-in-class asset-based receivable financing services for clients.
