Maib, the largest bank in Moldova, has announced today the start of the CEO succession process. After a very successful tenure as CEO, Giorgi Shagidze will depart the bank in June 2024, nearly three and a half years into his mandate, to pursue a new opportunity. The successor CEO will be announced in due course, following a competitive selection process.
Under Giorgi’s leadership, maib has undergone an ambitious transformation, resulting in market share gains across all business segments, a step up in financial performance and more than tripling of maib’s mobile users, cementing the bank’s position as the undisputed leader of the Moldovan banking system.
“Giorgi has led through a truly extraordinary transformation of maib and I am very grateful for everything he and the team have accomplished. I am confident the foundation he has built will serve us for many years in the future and his successor will continue from a very strong base,” said Vytautas Plunksnis, Chairman of the Supervisory Board.
“Maib has always maintained a strong market position. We have worked together to achieve success across all fronts while undergoing a substantial transformation to a future-proof banking model. I am profoundly grateful to our exceptional management team and all Maibers for exceptional commitment to our ambitious shared goals. I extend my heartfelt gratitude to our clients for their partnership and our shareholders for their trust. Maib is very well positioned to continue strengthening its market position and delivering robust financial results. I am humbled to have been a part of this remarkable journey and will be cheering for the continued success of this incredible team,” commented Giorgi Shagidze.
“As a Board, we will ensure that the successor CEO will rise up to the very high bar set by Giorgi. We have already identified a number of strong candidates and will ensure the incoming CEO will have plenty of time to work alongside Giorgi for a thorough transition,” added Vasile Tofan, Chair of the Nomination and Remuneration Committee.
Maib 2021-2023: select highlights
- Team: Strengthened the team, by attracting new leaders for the Finance, SME, HR, IT and Marketing functions. Simplified the head office organization by cutting the number of subordination layers to three, while rejuvenating some 40% of middle management positions;
- Market position. Increased retail share by 5 percentage points to 33.6%, and SME share by 16 percentage points to 37.9%;
- Financial performance. Net income in 2023 is expected to exceed 2019 figure by circa 70% (and over 2.3 times the 2020 result), despite the geopolitical turbulences in the region;
- Digital and payments. Tripled number of mobile customers to 550,000, with 50% of retail loans and 60% of deposits now issued in-app;
- Brand. Upgraded the brand identity, including the renovation of 90% of branch-network, significantly upgrading in-store customer experience and simplifying workflows;
- Corporate governance and risk. The bank’s NPLs stand at 3.1%, with coverage ratio of 156%. The bank upgraded corporate governance practices to fully comply with both, Moldova Stock Exchange and Bucharest Stock Exchange governance requirements;
- ESG. Developed a long-term ESG roadmap issuing the first ESG report in the country, with an ambition to become ESG rated already this year;
- Agile. The bank has transformed to an Agile organization, with decentralized teams organized around customers, boosting speed of execution and innovation. The transition has been further supported by the launch of the new head office, maib park, a landmark office building in Moldova and a progressive workspace to attract and retain best talent.
Maib is the largest bank in Moldova, with a 33.8% share of deposits and 38.2% of loans of the entire banking system at the end of 3Q 2023. Maib is a disciplined lender with NPL ratio of 3.1% and is well capitalised with CAR of 23.0% as of 30 September 2023. The bank is of a systemic importance to the country as it serves almost a third of the population and is the largest private employer in Moldova, with a workforce of over 2,400 people. Since 2018, maib's largest shareholder is a consortium, which includes the European Bank for Reconstruction and Development (EBRD), Invalda INVL, a leading asset management group in the Baltic States and Horizon Capital, a private investment fund focused on emerging markets.
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