Maib, the largest bank in Moldova, has announced today that Giorgi Shagidze will extend his mandate as CEO until December 31, 2025. In the event of a successful IPO of the bank, the mandate shall be extended through December 31, 2026. The decision to extend Mr. Shagidze's mandate is subject to customary formal approvals. The formalization of this extension is anticipated to be completed in the coming days, ensuring a seamless continuation of leadership and strategic direction for maib.
Under Giorgi’s leadership, since February 2021, 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.
“After a very successful first phase of the transformation, we focused on a review of strategic priorities, including our plans to list the bank on a reputable stock exchange, as well as explore complementary growth avenues in mobile-banking. I am delighted to embark in this next phase of maib’s development with Giorgi at the helm”, said Vytautas Plunksnis, Chairman of the Board of Directors.
“It is a privilege for me to continue leading maib in this next phase of transformation. Moldova is at a critical juncture now, following the historical decision by the European Council in December to open accession negotiations. As the #1 bank in the country, we see a tremendous opportunity, but also responsibility, for maib, in this convergence journey. I am especially pleased to lead this exceptional team and the bank as a whole, each member of which has been crucial for our success”, said Giorgi Shagidze, CEO.
“I am thrilled about the opportunity to retain Giorgi and continue under his leadership with our transformation agenda. Maib has demonstrated truly spectacular results over the last 3 years and we are keen to maintain that strong momentum, while keeping to raise the performance bar as we embark on this next phase of our development”, commented Vasile Tofan, Chair of 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 33.7%, and SME share by 15 percentage points to 37.0%;
• Financial performance. 2023 net income is 70% higher than the 2019 figure (and over 2.3 times higher than the 2020 result), despite the geopolitical turbulence in the region;
• Digital and payments. Tripled number of mobile customers to 590,000, with over 55% of retail loans and 65% of deposits now issued in the 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 2.7%, with coverage ratio of 180%. 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.
About maib
Maib is the largest bank in Moldova, with a share of 34.3% of deposits and 37.4% of loans of the entire banking system at the end of 2023. Maib is a disciplined lender with NPL ratio of 2.7% and is well capitalised with CAR of 24.2% as of 31 December 2023. The Bank is of systemic importance to the country, it serves almost a third of the population and is one of the largest private employers 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.
