Banca de Economii

Banca de Economii S.A. was a Moldovan savings and commercial bank that for decades served as the country's principal savings institution. It was established on 11 November 1940 by a decree of the Presidium of the Supreme Soviet of the Moldavian SSR, which created seven district savings-bank administrations in the cities of Chișinău, Bălți, Cahul, Orhei, Bender, Soroca and Tiraspol. Over the following decades the institution evolved from the Soviet savings-bank system into a national bank: in 1987 the state savings offices were converted into the Moldovan Republican Bank, a division of the Soviet Sberbank, and in 1992 it was reorganised as a joint-stock commercial savings bank of Moldova. The state of Moldova held 56.13% of its share capital. At its peak the bank operated 37 branches and 537 agencies in 370 localities, making it one of the most widely distributed financial institutions in the country. It offered retail deposits, savings products, payment services and lending, and was widely regarded as the leading bank of Moldova. In 2015, following a severe economic and banking crisis, the Moldovan authorities decided to liquidate Banca de Economii together with Banca Socială and Unibank. Prime Minister Valeriu Streleț announced the decision on 5 August 2015, and the IMF supported the liquidation. The National Bank of Moldova carried out an emission of 21 billion lei, equivalent to roughly 25% of Moldova's GDP, to cover the losses. By 12 August 2015 the bank's debt to the National Bank stood at 8.64 billion lei. In early 2016 it emerged that from 2012 Banca de Economii, Banca Socială and Unibank had, under the guise of loans, transferred more than one billion US dollars to accounts of offshore firms — a scandal the press called the "theft of the century". Since 2015 the bank has existed only as "Banca de Economii S.A. in proces de lichidare" (in liquidation). Its official website now serves as a liquidation information portal, publishing notices on asset sales, auctions, recovery of assets, and the transfer of deposits to other banks. Some of its functions were inherited by Poșta Moldovei. The institution is defunct as an operating bank.

Banca de Economii S.A. was created on 11 November 1940 by a special decree of the Presidium of the Supreme Soviet of the Moldavian SSR. Seven district state savings-bank administrations were opened in the cities of Chișinău, Bălți, Cahul, Orhei, Bender, Soroca and Tiraspol, forming the backbone of a savings system across the republic. In 1987 the state savings and loan offices were granted the status of loan-savings offices and transformed into the Moldovan Republican Bank, which became a division of the Soviet Sberbank. Following the dissolution of the Soviet Union, in 1992 the Moldovan Savings Bank was reorganised into a joint-stock commercial savings bank of Moldova. The state of Moldova subsequently held 56.13% of the bank's share capital. The bank grew into the country's leading financial institution, operating 37 branches and 537 agencies in 370 localities. It was the primary repository for household savings and handled many state and social payments. In 2015, amid a severe economic and banking crisis, the Moldovan government decided to liquidate Banca de Economii together with Banca Socială and Unibank. Prime Minister Valeriu Streleț announced the decision on 5 August 2015, and the International Monetary Fund supported the liquidation. The National Bank of Moldova carried out an emission of 21 billion lei — about 25% of Moldova's GDP — to cover the losses. By 12 August 2015 the bank's debt to the National Bank amounted to 8.64 billion lei. In early 2016 it became known that since 2012 Banca de Economii, Banca Socială and Unibank had, under the guise of loans, moved more than one billion US dollars to accounts of offshore firms. The scandal was dubbed the 'theft of the century' by the press. Some of the bank's functions were inherited by Poșta Moldovei. Since 2015 the bank has been in liquidation. Its official website now publishes liquidation notices, asset sale announcements, auction results, and information on the recovery of assets and the transfer of deposits to other banks. The institution no longer operates as a commercial bank.

• Banca de Economii S.A. created by decree of the Presidium of the Supreme Soviet of the Moldavian SSR; seven district savings-bank administrations opened.

• State savings offices converted into the Moldovan Republican Bank, a division of the Soviet Sberbank.

• Reorganised as a joint-stock commercial savings bank of Moldova; state later held 56.13% of share capital.

• Prime Minister Valeriu Streleț announces liquidation of Banca de Economii, Banca Socială and Unibank; IMF supports the move.

• Bank's debt to the National Bank of Moldova reaches 8.64 billion lei.

• Reports reveal that since 2012 over US$1 billion was moved from the three banks to offshore firms under the guise of loans.

Moldova's historic national savings bank, trusted by households for deposits and state payments; later a symbol of the country's banking crisis and liquidation.

• Retail savings and deposit accounts

  Core household savings products offered through a nationwide branch and agency network.

• Payment and settlement services

  Processing of state, utility and social payments, including pensions.

• Lending

  Consumer and corporate credit; later the channel through which funds were allegedly diverted offshore.

1. 1Acasă | Banca de Economii S.A. in proces de lichidarebem.md
2. 2Banca de Economii — Wikidatawikidata.org
3. 3Banca de Economii — Wikipedia (Belarusian)be.wikipedia.org