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History of the bank

Moldova Agroindbank, as a joint stock company, began its activity in 1991 – a period marked by radical restructuring of the society in general and of the economy in particular. Changes occurred in the society determined the bank to adopt new clearly defined strategies that could meet the emerging market requirements. With this view, the bank extended its network of branches and representative offices, capitalized new segments of the banking products market, established correspondence relations with foreign banks and cooperation relations with various international financial institutions, which helped the bank strengthen its position in the republic’s banking products market. 

Experience adherent to this period proved that the team of Moldova Agroindbank managers and employees was able to cope with any challenges of the market and successfully achieve the bank’s strategic objectives.

Despite the bank's solid position, the unfavorable economic situation of 2009 closely related to the world financial crisis has brought new challenges that caused the bank to adjust its strategy to the new circumstances in order to meet the new market requirements and stay close to its clients. Within its activity, since its very foundation, besides being a universal and fast operating bank, Moldova Agroindbank has played the role of a leading bank with directing and coordinating functions. Thus, the bank:
  • established cooperation relations with various international financial institutions, creating premises for attracting foreign capital into the country’s economy;

  • initiated the foundation of an interbank card processing company, and later acquired certification for its chip card technology in acceptance and full modernization of the acceptance network for the use of chip cards, which ensures better protection against fraud. The Bank has successfully completed full upgrade of the chip card acceptance network comprising the entire network of ATMs, POS terminals for payments to business persons, the bank’s branches and representative offices;

  • being aware of the importance of implementing new financial mechanisms, in 2002 establishedMAIB Leasing, a subsidiary company in which the bank holds 100% of shares and which is presently among top leasing companies on the financial market of the Republic of Moldova;

  • implemented the new Globus (Temenos) information system – a complex advanced solution that enables online access and centralized real-time data processing, offers modern efficient management and analysis tools, etc;

  • was among the first financial organizations in the CSI to complete in 2006, jointly with IBM, upgrade of the server node, creating a geographically distributed cluster center for data processing based on IBM’s UNIX platform with the implementation of SAN and IBM On Demand technologies. Used, among the first financial institutions in the world, the new advanced standard of 4Gb Fiber Channel. This architecture of information system allows for higher security, full data monitoring and uninterrupted activity of the bank in case of any infrastructural deficiencies;

  • optimized the bank risk management system and internal control procedures in order to protect the bank’s profitability;

  • launched a large-scale bank restructuring plan of the bank, implementing a single business model oriented towards specialized and efficient servicing of Commercial and Retail clients, being the first bank in the country to create a specialized division for servicing commercial clients;

  • initiated major works aimed at developing distance client service systems based on the use of cards and Internet, thus creating premises for wide use of modern technologies in the bank and developing alternative distribution channels: ATMs, POS terminals, distance banking services of Mobile-Banking, Telefon-Banking and Internet Banking type for both individuals and legal persons;

  • extended its partner network and intensified its international transfer activity;

  • was the first to implement personalized Clic Cards in the country, enabling the client to create personalized designs directly on the Bank’s site;

  • implemented client fidelity promotion programs;

  • approved and implemented the Corporate Governance Policy that ensured correct functioning of the bank, management and internal control based on transparency, responsibility and provision of correct information to the public;

  • implemented InfoTel service in order to assist clients who want to easily obtain complete information on products and services offered by the bank;

  • established the first Regional Center – a structural subdivision of the bank that governs and ensures efficient activity of 22 branches subordinate to it and emphasizes such values as professionalism, integrity, coherence, unity, competence and responsibility in banking activity, which ensures efficient and continuous activity of subordinate branches, representative offices and exchange offices;

  • implemented, for the first time in the country’s banking, an integrated credit management system for individuals – Retail Loan Application (RLA), which covers the entire activity of users within the bank and allows extending the bank’s network through the use of alternative distribution channels, including cooperation within partnership programs with the bank’s clients and turning them into sales agents. Thus, individuals have a possibility to get a credit directly at a point of sale, without having to go to the bank;

  • currently has foreign investors among its shareholders, which confirms their confidence in the bank’s development prospects;

  • is implementing, jointly with various international financial organizations, such as EFSE, IBRD, EBRD, USAID, RISP, FIDA etc, a series of projects aimed at supporting clients from different sectors. In 2009 Moldova Agroindbank received a EUR 20 million loan from EBRD and a EUR 15 million loan from EFSE, intended for financing small and medium enterprises in Moldova, which has increased the availability of funds so much required by small enterprises in Moldova and allowed a larger number of local businessmen to receive bank loans for their business development;

  • brought a number of new products, services and solutions to the market is order to assist its clients in overcoming the consequences of the current financial crisis, offering them loans on more favorable terms;

  • as an anticrisis solution meant for its clients experiencing difficulties the bank started restructuring or extending the maturity of loans and offering clients individual business support programs;

  • successfully completed in January 2010 the implementation of Globus System Transfer to T24 Version Project;

  • was recently nominated by the Citigroup Global Transaction Services with "quality assessment Prize" for high quality of the servicing operations of the cash transfers.;

  • was the first banking institution in Moldova to be certified in 2009 according to the most recognized information security management standard in the world – ISO 27001:2005 – which implies passage to an entirely new information security system ensuring intermittence of the Bank’s business activity and enhancing its performance.

    The Bank's achievements and performances have consolidated its positions. Moldova Agroindbank is ready to face the future challenges and ensure its own prosperity and the prosperity of its clients.