Chisinau, 3 February 2021
Moldova Agroindbank (MAIB), the leading bank in Moldova, announced today that its Supervisory Board has approved Giorgi Shagidze as the bank’s new CEO subject to the approval by the National Bank of Moldova (NBM).
Giorgi Shagidze said: “I am honoured to take on the role of CEO pending the NBM approval and I thank the Board and MAIB for entrusting me with the responsibility. I look forward to working with the incredibly loyal and talented team at the bank and serve MAIB’s customers in the best possible way. A key focus will be on making sure that MAIB has the people, culture and technology to provide the most suitable products and services to our corporate, small and medium-sized enterprise (SME) and retail clients. This will allow us to ensure the continuity of MAIB’s strong traditions but also to stay ahead of the continuously evolving needs of our clients in today’s fast-moving and increasingly challenging business environment.”
Giorgi has more than 25 years of banking experience, most recently as the Chief Financial Officer and Chief Operating Officer of TBC Bank in Georgia. During his 10-year tenure, TBC increased its asset base more than eightfold, emerging as the largest bank in Georgia. In 2014, TBC launched an IPO on the London Stock Exchange (LSE), attracting foreign institutional and retail investors; two years later, the listing was upgraded to the premium segment of LSE. TBC’s shares are included in the FTSE 250 index with a current market capitalisation of around US$ 1 billion.
Giorgi can also build on his international digital and operational experience at Barclays bank in London and Dubai as well as on his time as Chairman of TBC’s start-up challenger bank in Uzbekistan and as Chairman of PayMe, the leading payments ecosystem in Uzbekistan, acquired by TBC and counting more than 2.5 million customers. He has an MBA from the University of Cambridge, an MSc in Engineering from Tbilisi State University and is a CFA charterholder.
Vytautas Plunksnis, Chairman of MAIB Supervisory Board, commented: “We are fortunate to be able to bring such a strong executive to lead MAIB. We count on Giorgi’s leadership to further consolidate MAIB’s position as the leading bank in the country by, first and foremost, putting the needs of our customers at the centre of the company. I am confident that happy customers will translate into more business for MAIB and superior returns for our shareholders, including through dividends. I also count on Giorgi’s IPO experience, which may help MAIB come closer to a listing on an international stock exchange,”
MAIB is the largest bank in Moldova, accounting for roughly 30 per cent of the country’s banking assets and around 35 per cent of loans. The bank serves more than 20 per cent of Moldova’s population and is among the largest employers in the country. Since 2018, MAIB’s largest shareholder has been HEIM Partners Limited, a United Kingdom-registered company, representing a consortium of investors composed of the European Bank for Reconstruction and Development, Invalda INVL (a leading asset management group in the Baltic states) and Horizon Capital (a private equity funds manager with a focus on emerging Europe).
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