Moldova’s crisis-hit banking sector moved a step closer to recovery with the announcement in November that Romania’s Banca Transilvania has agreed to take over troubled lender Victoriabank.
News of the acquisition, which will be the first by a foreign bank in Moldova since 2007, came almost exactly three years after $1 billion was stolen from three of the country’s leading banks in as many days. The resultant bailout cost more than 10% of Moldova’s annual GDP and prompted an overdue clean-up of the banking sector.
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