Bulgaria-based investment group Doverie United Holding announced that Doverie-Invest, a unit of the holding, further increased its shareholding stake in Moldindconbank (MICB), the second largest bank in Moldova.
Doverie-Invest now owns 78.21% of the Moldovan lender following the transaction concluded on
Tuesday (Dec. 7), the group said in a Bulgarian Stock Exchange filing, without providing further details.
In 2019, the Sofia-headquartered investment company won a public tender for the acquisition of 63.8865% interest in MICB for 764 million leva (57.6 million US dollars) and subsequently acquired a further 13.73% in a buyout bid.
This is not the first interest of the Bulgarian fund in the Moldovan market. In 2017, Doverie took steps to acquire more than 50% of the capital of another commercial bank of the country, B.C. Victoriabank but “for objective reasons the transaction did not take place”.
Moldindconbank by the end third quarter of 2021 realized an increase in net profit of 57.7% compared to a year earlier to BGN 43.7 million. Operating income reached BGN 96.7 million, which is 26.5% more than in the third quarter of 2020. The bank’s assets amount to BGN 2,214 million while deposits stood at BGN 1,717 million. The bank continues to be a leader in the banking system of Moldova with a market share of over 20%, which confirms the second position.
Founded in 1996, Doverie United Holding unites more than 20 companies in 9 regions in Bulgaria. The main business operations of the holding involve the acquisition, management, assessment and sale of shares and/or shareholdings in Bulgarian and foreign companies.
The holding controls a large number of companies operating in the following sectors:
Health care and medical services; Purchase / sale of DIY goods; Health insurance; Residential building and building materials industry; Winemaking; Production of detergents and household chemicals;
Renting out real estate and movable property.
The major shareholder of Doverie United Holding is Sopharma AD, a Bulgarian pharmaceuticals manufacturer. The key areas of business are the production and distribution of medical products, the provision of pharmaceutical consulting services. Sopharma AD has 54 companies, including 6 pharmaceutical factories.