April 5 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Friday that it has sold its 8.84% stake in Moldova's Mobiasbanca for 2.6 mln euro ($2.9 million).
"Groupe Societe Generale was the very first foreign bank to enter the Moldovan market and the EBRD is proud to have played an important role as shareholder throughout the past 10 years," Angela Sax, head of EBRD in Moldova, said in a statement.
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The EBRD became a shareholder in Mobiasbanca in 2008.
Since 1996, the EBRD has extended over 60 million euro in financing to Mobiasbanca for on-lending to local companies.
In February, Hungary's OTP Bank said that it has signed an agreement to buy a 87.85% stake in Mobiasbanca from French banking group Societe Generale for an undisclosed sum.
The financial closing of the transaction is subject to obtaining of all the necessary regulatory approvals.
($ = 0.8904 euro)
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