Giorgi Shagidze to extend mandate as CEO at Maib Bank

Maib, the largest bank in Moldova, has announced today that Giorgi Shagidze will extend his mandate as CEO and Chairman of the Management Committee 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 extendShagidze’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.

“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 and Management Committee.

Maib is the largest bank in Moldova, with a share of 34.3 percent of deposits and 37.4 percent of loans of the entire banking system at the end of 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.