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Nick Tesseyman, the EBRD’s head of financial institutions |
Not many investors would be prepared to double down on a banking sector two months after its largest lenders were involved in a fraud that siphoned off more than 10% of the country’s GDP. Or, for that matter, on a bank without a functioning supervisory board.
Yet that is precisely what the European Bank for Reconstruction and Development has done in Moldova. In January 2015, the multilateral announced plans to increase its stake in Victoriabank in a bid to provide the chaotic eastern European state with at least one respectable banking institution.
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