Traducere din limba englezd

Curriculum vitae

Roman Chernishev. CFA

Numele:

Domiciliul:
Tel.:

E-mail:

nasterii:
Cetdfenia:

Data

11973

Moldova,Israel.

Studii

2012-2015:

Analist financiar CFA, Institutul CFA.

1997-20002

Master in Administrarea Afacerilor (concentrare in finante),

Universitatea Ben-Gurion din Negev, Beer-Sheb4 Israei.
Nota medie generald: 86.29

1990-1995:

M.Econ. Universitatea de Stat de Turism din Soci, Soci, Rusia.

Nota medie generald: 90.5

Activitatea profesionali

din 10/2015 :

Director Consiliu ISIP (Societatea profesioniqtilor

in investitii din Israel - Filiala CFAI in Israel)

din 10120062

Proprietar qi Director General al companiei de investilii

"Niki R. Investments", Caesare4 Israel.
Respons abilitdtri : Stabilirea prelurilor qi implementarea diferitor
strategii bazate pe valoarea relativi gi arbitraj, in primul rind
arbitrajul venitului fix gi managementul de duratd pe piala
obligafiunilor de stat din Israel.
Gestionarea fondului de datorii restante. Taxe generale.

0612005

- 0912006 Manager de portofoliu cont "Nostro" la firma "Barak

Capital", Tel-Aviv, Israel.
Respons abilitdli : Stabilirea preturilor qi implementarea diferitor
strategii bazate pe valoarea relativd qi arbitraj in venituri fixe qi
piete derivate. Management activ in plind dezvoltare:

managementul de durat6; imunizarea rdspunderii;

arbitrajul veniturilor fixe;
arbitrajul obligatiunilor convertibile;
tranzactionare de volatilitate;
gestionarea activd a monedei;
gestionareaportofoliului datoriilor restante;

05nW2'-052005 Comerciant valori mobiliare la firma "Tau Investments",

Tel-Aviv, Israel.
Responsabilitdli: Crearea pie{ii obligatiunilor de stat israeliene qi
derivali de schimb valutar. Taxe administrative.

050ffi-W2N2:

Dealer de schimb valutar la firma "Efix foreign exchange",

Heruliya,Israel.

: Stabilirea pre{urilor gi cotarea valutelor pentru

clienti, consultan{d clienlilor privind gestionarea valutelor,

Re spons

abilitdtri

gestionarea activd, a monedei.

Caracter si abilititi

standarde etice inalte;

abilitdli analitice bune;
extrem de experimentat in numeroase segmente ale pietei;
comerciant bun qi foarte experimentat;
capacitate inalt[ de a comunica probleme complexe intr-un mod

inleles;
ugurintd in lucru;
culturd adaPtabild'

Limba
Limba
Limba
Limba
Limba

Limbi
ebraici - fluent;
rusf, - fluent;
englezi - fluent;
francezd, - satisfdcdtor;
romini - satisftcitor.

Interese
Conducere auto liber6; Fotbal; Tenis; Baschet; Schi;

inot (fost inot[tor profesionist).

Traducerea din limba englezd tn limba romdnd afost efectuatd de traducdtorul autorizat
de limba englezd, Macari Svetlana, tn data de 17 februarie 2016.
Semndtur a tr aduc dtorului

Curriculum vitae

Roman Chernishev, CFA

Name:
Home qddress:
Phone number:

Dote of birth:

1t973
Moldova, lsrael.

Nationality:

Academic

2Ot2-2Ot5:
1997-2000:

CFA Charterholder, CFA Institute.

MBA (concentration in finance ), Ben-Gurion Universityof the

Negev, Beer-Sheba, lsrael. FinalGPA: 86.29

1990-1995:

M.Econ. Sochistate University of Tourism, Sochi, Russia.

FinalGPA: 90.5

Career historv

From 10/2015

Director on Board of lSlP ( lsrael Society of lnvestment

Professionals-the CFAI branch in lsrael

From

LO|2OO6:

Owner and CEO of " Niki

R.

Investments " investment company,

Caesarea, lsrael.

Responsibilifies

Pricing and implementing different relative value

and arbitrage based strategies, primarily fix income arbitrage and

duration management in lsraeli government bonds market.

Managing distressed debt fund. Overhead duties.

06/2005

-0912006

Portfolio manager of "Nostro" account at " Barak Capital " firm,

Tel-Aviv, lsrael.
Responsibilitres ; Pricing and implementing different relative value

and arbitrage based strategies in fix income and derivatives

markets. Full-blown active management

O5|2OO2-

05/2005

duration management, liability immunization

fix-incomearbitrage;
convertible bonds arbitrage;
volatility trading;
currency active managemen!
distressed debt portfolio management;

Securities trader at " Tau Investments " firm, Tel-Aviv, lsrael.

Responsibilities: Market making of the lsraeligovernment bonds

market and foreign exchange derivatives. Front office duties.

05/2000

-O4|2OO2:

Foreign exchange dealer at " Efix foreign exchange " company,

Herzeliya, lsrael.
Responsibitities

Pricing and quoting currencies to customers,

currency management advise to customers, currency active

management.

Character and skills

highethicalstandards;
goodanalyticalskills;
highly experienced in large number of market segments;
good and highly experienced trader;
high ability to communicate complex issues in understandable
manner;
easy to work with;
culture adaptable.

Languages

Hebrew fluent

fluent;
fluent
English
;
French fair level;
Romanian fair level.
Russian

lnterests

Free diving ; Soccer; Tennis; Basketball ; Skiing;

Swimming ( former professional swimmer ).

Motivation letter

.
o

My name is Roman Chernishev, and I am 42 years old.

I moved to lsrael from Moldova

at 1995 at age of 22, after graduating from Sochis

University (Sochi, Russia), were I have studied Economics. Here, in lsrael, three of
my children were born. Now they are 19, 16 and 5 years old.

I have began my career at 2000, after graduating from Ben-Gurion University (Beer

Sheba, lsrael ) with MBA degree in finance.

Approximately by year 2OO7 , I have turned to be one of the largest private market

(in terms of volume )of Tel-Aviv Stock Exchange in lsraeligovernment

bonds, and have been taking an active part in another lsraeli market segments.
The areas of my prime professional expertise consist of : Any interest rate
makers

dependent securities valuation and trading , such as Government bonds,

Commercial obligations, Interest rate swaps and Forward rate agreements, Foreign
Exchange Swaps etc...

such as different kinds of

Any volatility dependent Securities valuation and trading,

options ( either commercial or exchange traded

),

Convertible bonds, Distressed debt, particular kinds of equities etc...

By year 2OtL, as a result of revolutionary changes in my market segment

appointment of prime dealers out of lsraeli commercial banks, and opening of

closed pit for prime dealers ), I found myself lacking competitive edge to retain my
(

market making activity at previous scale.

Since then, in addition

to market making activities, I have been managing a private

distressed debt fund, founded an Agricultural company in Moldova and lmporting

company in lsrael.

o
r

to look for professional challenge outside lsraeli borders.

After making quick research, I was assured that CFA charter would be the best start,
as it is the most respected and recognized investment management designations in
the world, that provides deep analytical skills and highest ethical standards.
I have been awarded the right to use CFA designation at August 2015.
Since that time I have been helping to promote CFA Institute industry practices and
shape public policy, serving as Director on Board of lSlP ( lsraeli Society of
By year 2O12 | decided

lnvestment Professiona ls ).
Recently, I learned about the contest for the position of the head of Moldova's
Central Bank. I have a deep desire to be useful to the people of my Motherland in

that hardest economic situation they are in. And I am ready to receive the
professional challenge this position demands.

Providing my current availability and rich experience in financial markets and

banking system, I am honored to nominate myself to be appointed as the head of

Moldova's Central Bank.

GHEORGHE DIMITROV
- , )r

Niscut in1983 in Leova, Republica Moldova

/
/

Experienld la 360' in domeniul instituliilor financiare, demonstratd intr-un mediu internalional la nivelul managementului de top.
Pasionat de finanle, abil comunicator; inteligenli, bun sim! 9i atitudine proactivi de solutionare a problemelor.

/Fluent

in

4limbi: Romind, Englez6, Rusd, ltaliand.

Sruorr
Training-uri executive in finanle, banking gi managementul riscurilor, negocieri, solulionarea problemelor gi management decizional.

2009

gCOALA DE MANAGEMENT SDA BOCCONI

i/lasterat Executiv in Managementut Strategic at intreprinderilor

MILANO

2OO7

UNIVERSITATEA BOCCON]
Licenld in Management gi Relalii Economice lntema,tionale (specializare fn finanle)

MILANO

2005

Academia Plekhanov- $coala Internationald de Business - programul ERASMUS

MOSCOVA

ExeeruenlA pnoresroNALA
3$!$#$iiil*nffisEiE"_E} -E=e=.AE#il\w:nEtsr*TijB-*i{fFAit*,=+.-tHinrliitr$FrwHlui$,*t_i*=;.A=u.5+Rst{rFop
2014

Oct- prezent

Manager

in

relalii de

:i

N$,

w tti$i

afaceri

,tlrl$
WENA

. Manager in relalii de business, responsabil pentru servicii si investifii ICT in cadrul bdncilor UniCredit in Polonia, Ucraina 9i Bulgaria;
. Management al relaliior gi angajamentelor, negocieri financiare gi contractuale cu manbgementul de top din bancile din Europa centralS gi de est.

MUNCHEN-MILANO
Sept Programul lntemalional de Dezvoltare a Leadership-ului UniQuest I
in proiectul Directorului executiv al UniCredit Bank Germania destinat Cregteii valoice a business-ului privat in banking prin inovatii in

2014 Feb- 2014

. Participant
.

banking: digitalizaze, sinergii, abordare nou6 fald de client, noi produse gi servicii;
Analizd extensive a arealului European in banking, expusi in recomanddri strategice concrete aprobate de Directorul executiv al UniCredit Group.

organizalionald

Oct

MILANO
2013 Apr - 2014
Specialistin dezvolatare
Aplicarea experienlei inter-functionale gi de refea, participare in reorganizarea gi restructurarea a UniCredit Leasing prin adaptarea companiei la
mdrimile optimale, in baza analizei datelor istorice de business, a modeldrii gi estimdrii;
lmbunititirea proceselor gi politicilor companiei referitor la managmentul activelor neperformante, solulionarea concluziilor critice a auditului gi

'

regulatorilor.

structurale)

Mar

MILANO
Restructurarea Portfoliului gi Asociatln Vdnzdri (M&A- Fonduri
a Programului proiectului strategic in vederea dispunerii de un porffoliu de -2.5m1d. de active nonprincipale de leasing, ac{ionAnd ca punct de referintd pentru investitori striini in procesul de evaluare (bdnci de investilii, fonduri de investi{ii, fonduri

2012 Mar

2013

. Lucru in cadrul echipei de management

de active neperformante);

. Cautarea gi atragerea potenlialilor investitori; executarea structurdrii preliminare, modeldrii 9i analizei;

. Responsabil de comunicarea cu investitorii gi prezentarea rapoartelor siptimAnale pentru conducere (director

executiv, consiliul de administralie).

Feb

MUNCHEN-MILANO-WENA
Program lntemalional in Banking corporativ gi investilional
2010 Noi - 2012
Program de 15 luni: training-uri intensive in probleme de banking corporativ gi investitional la Munchen, rotalii de job la Milano gi Viena;
Infiintarea gi coordonarea biroului de Planificare gi Raportare Comerciali pentru Direclorul Global de Vdnzdri a UniCredit Leasing; raportare lunard,
cercetiri gi analize ad-hoc pentru management;
Proiectarea proceselor noi pentru business-ul internafional 9i transfrontalier, contribuind la cregterea de +697o a business-ului de - 500m1n.

.
.

2010 Noi - 2012

.
.

Feb

Analist financiar gi controlor

d$.F,.8$SiiRH$#

2009

.
.

MILANO

Coordonarea activitililor de planificare si control ale filialelor de leasing ale Holding-ului in Europa centrald 9i de est;
Efectuarea raportului lunar consolidat, a analizelor ad hoc gi comunicatelor pentru directorul financiar qi directorul executiv al UniCredit Leasing.

fl$i

:i$riisf$fiioeif,l$$,s.8-Wf$+ii=**rEli$iiruii*t$\iiii$+]iittilrifi{$iil$i{i

$COATADEMANAGEMENTSDABOCCONT

Analist & Cercetdtor

MILANO

Departmentul de management studii de pia[a, evaluarea oportunitdfilor de investilii 9i strategii de intrare pe piata Rusiei;
Departmentul de strategie: evaluarea financiard gi strategicd a companiilor italiene de modd (in colaborare cu Ernst&Young).

Analist financiar gi controlor

MILANO
2008 VITTORIA ASSICURAZONI (Asigurdri)
' Planificare 9i control financiar ale proiectelor inovalionale ICT ale grupului de asigurare Vittoria Assicurazioni.
Consilier stagiar in finanle corporative
2007 GEMANACONSULTING(Consiliere)
MILANO
. Participant activ in planificarea afacerilor si consiliere financiard in proiectul de multe mld. referitor la dezvoltarea regionali in Africa, implicAnd 3
state gi peste 200 companii, cu scopul de a crea peste un milion de locuri de muncd in trei state africane.

2006

Manager stagiarin lucrul cu clienlii

DOW JONES (Servicii financiare)
MILANO-LONDRA
Asistarea managerului de vAnzdri Ei marketing, gestionarea relatiilor cu institutiile financiare, studii si rapoarte de piata, pregdtirea prezentdrilor gi

ofertelor comerciale.

Asistent al Directorului executiv

2003-2006 BESI srl (lnvestilii private)
Asistarea directorului executiv in cercetarea 9i evaluarea oportunitrililor de investilii de capital privat in Europa de Est.

MILANO

GHEORGHE DIMITROV
Contact:

Born in 1983 in Leova, Moldova.

management level.
360. hands-on experience in banking and financial industry, proven in international environment at top
problem solving attitude
proactive
passionate about finance, strong communication skills, intelligent judgment, common sense and
/Languages: Romanian (fluent), English (fluent), Russian (fluent), ltalian (fluent).

/
/

Eoucanon
ement'Negotiations,Prob|emSo|vingandManagerialDecisionMaking'

2OO9

SDABOCCONISCHOOLOFMANAGEMENT

MILAN

2OO7

BOCCONIUNIVERSITY
BSc, Degree in tntemational Econsmics and Management (concentration in Finance)
Plekhanov Academy International Business School - ERASMUS program

MILAN

Executive Mastefs Degree in Strategic Enterpise Management

2005

MOSCOW

PRoFESSIONAL EXPERIENCE

Sffi*:.

iH

VIENNA
2014 Oct- present Business Relationship Manager
and
Ukraine
Poland,
in
banks
in
UniCredit
and
services
investments
ICT
for
Business Relationship Manager responsible

Bulgaria;

Relitionship and engagement management, financial and contractual negotiations with the CEE banks top management.
MUNICH'MILAN
20i4 Feb- 2014 Sept International Leadership Developmentprognm
. Engaged on a project for the CEO of UniCredit Bank Germany aimed al Incrcasing the value of Pivate Banking busrness
tnr6uin innovationi in doing banking: digitalization, synergies, new customer approach, new products and services;
. Extenlive analysis of the Europeai uant ing landscape, resulting in a concrete strategic recommendations approved by the
CEO of UniCredit GrouP.
MILAN
Organizational Development
2013 Apr - 2014
, Appliyng cross-functional-experience and network, participated in the reorganization and restructuring of UniCredit Leasing
perto-mring company optimal sizing, based on historical business data, modeling and forecasting;
. improvediompany processes and'policies on distressed assets management, resolving critical Regulators and audit findings'

ltniQuestS

Oct

Specialist

Mar

Finance)

MILAN
Porlfotio Restructuring and Sales Assocrafe (M&A Structured
2013
in the program Management team oia strategic project aimed at disposing a portfolio of -2.5bln of non-core leasing
asJeti, acting as due diligence reference point for international investors (lnvestment Banks, Hedge Funds, Distressed Assets
Funds);
Scouted for clients and pitched products to potential investors; performed preliminary structuring, modeling and analysis;
managed communication with investors and presented regular status reports to the CEO and management board.

2012 Mar

, Engaged
.

Nov - 2012 Feb International Graduate Program in Corporate and Investment Banking MUNICH'MILAN-VIENNA
15 months program: intensive trainings on majorsbf Corporate & lnvestment Banking in Munich, job rotations in Milan and

20i0

Vienna;

Setup and coordinated the Commercial Planning and Reporting unit in support of the Head of Global Sales and Products
(Leasing), producing monthly and ad hoc sales analyses and strategic research for Top Management;
. besigni6 new proc6ss for lnternational and cross-border business, contributing to +60% yoy increase of - 500mn business.
MILAN
2010Nov -2012Feb Financial Analystand
. Coordinated Central and Eastern furope financial planning and controlling activities of leasing subsidiaries tgryarql the Holding;
. produced monthly consolidated reporting, ad hoc analyses and communications for the CFO and CEO of UniCredit Leasing.

Controller

20Og

SDABOCCONISCHOOLOFMANAGEMENT

. Department
. Department

Analyst&Researcher

2008

MILAN

of Management: market research on Russia, evaluating investment opportunities and market e1try stralegies;
of Strately: financial and strategic evaluation of ltalian fashion companies (in cooperation with Ernst&Young).

Financial Analyst and Controller

VITTORIAASSICURAZIONI(lnsurance)
Financial planning and controlling of ICT innovation projects of the Vittoria Assicurazioni insurance group.

MILAN

MILAN
2OO7 GEMANA CONSUTTTNG (Consutting) Corporate Finance Advisoryiunior
project
in
Africa,
development
regional
a
multibillion
project
advisory
on
financing
planning
and
Actively involved in business
'involving'3
countries and 200+ companies, aimed at creating more than 1 million jobs for three African countries.
MILAN'LONDON
Junior AccountManager
2006 DOW JONES (Financial servlces)

Supported the Sales and Marketing Manager, managing relationship with the client Banks, prepared industry research, meeting
presentations and sales pitches.

Assrsfant fo CEO
2003-2006 BESI srl (Private Investments)
Supported the CEO in scouting and evaluation of private equity investment opportunities in Eastern Europe.

MILAN

Gheorghe Oimitrov - Motivation Letter

To the $election Committee for the Position of Governor of the National Bank of Moldova

February 22,2016

Dear Members of the Selection Committee,

I am honored to submit my application for the position of Governor of the ltlational Bank of Moldova, confident
that my education, solid international experience and high moral integrity and desire to serve my country will
bring value and solutions to the current difficult situation of the banking system in Moldova.

After graduating from Moldo-Turkish Lyceum in Chisinau in 2002, I started my internationaljourney, studying
Financa first in Brasov, and moving after one year to continue in International Economics at Bocconi in ltaly.
During the undergraduate studies and immediately after, I worked in various jobs, building solid bases in
financial services, financial markets, supra-national development project financing.
After taking my Master's Degree in Strategic Enterprise Management at SDA Bocconi School of Management
in 2009, I have pursued an intensive career path in the biggest international bank in ltaly and one the biggest
in Europe Uni0redit Group, moving across divisions, projects and geographies, working in direct contact
with top management around Europe, learning to succeed in complex international environments. At UniCredit
-l have been following a dedicated path for recognized talent, working in various divisions and countries,
training in various leadership development programs. I have acquired precious experience and exposure to
complex strategic projects through which UniCredit went after the financial crisis, gaining 360-degree
understanding of the banking business and solutions to overcome difficult times, as we are now facing in

Moldova.

We have to face the fact that Moldova is a small actor influenced by the global economic and financial
environment. Therefore I strongly believe that National Bank of Moldova needs a charismatic leader, able to
stand internal and external political pressure, understand well the troublesome situation of the financial sector
in the country and have the capability and courage to take the role of the l'{ational Bank to a new level,
leveraging on necessary strategic support from the international financial partners. Solid background and
strong international network are key to succeeding also in positively changing the banking landscape in the
country.

My education at one of the best business schools in Europe, together with the 360-degree hand on
experlence in banking in ltaly, Germany, Austria, Poland, Ukraine and Bulgaria, combined with a wide network
of contacts in the industry and ability to build strong relationships in international environment, make my profile
a valuable mix of competences that could be immediately put at work for the National Bank of Moldova and
improvement of the financial sector in the country and its credibility abroad.
Concluding, I would like to thank you for this fair and traneparent opportunity to apply for the such a honorable
and key position, giving us the possibilities to contribute to Moldova's present and future.
Thank you for your time and consideration. I look fonivard to hearing from you soon.

Sincerely,

Gheorghe Dimitrov

EXPERIENTA PROFESIONAL,{

l0/04-prezent

Pre;edinte, Corporafia Wolf Blitz, Compania de Consulnnld Corporativ&

Consultan{i generald in domeniul afacerilor
Structurarea qi pregitirea pentru cotare pe pieJele financiare Nuhiband Inc. din SUA, filialele situate in Republica
Irlanda. Intocmirea qi depunerea acordurilor de subscriere, acordarea de asistenll la acumularea fondurilor initiale,
crearea unui cadrujuridic Ai financiar al proiectului.
Structurarea 5i cotare pe pielele financiare Promotora VallAe Hermoso Inc. din SUA, Filialele situate in Ecuador.
Intocmirea contractelor de garantare, plasamentelor private, programelor generale de marketing qi fumizarea
contactelor ce tin de investifii bancare.
Structurarea qi cotare pe pie{ele financiare Emerging Media Holdings Inc. din SUA, Filialele situate in Republica
Moldova. Intocmirea contractelor de garantare, plasamentelor private, programelor generale de marketing gi
fumizarea contactelor ce lin de investi{ii bancare.
Structurarea Ei cotare pe pie{ele financiare UNR Holdings Inc. din SUA, Filialele situate in Federalia Rusi.
Intocmirea contractelor de garantare, plasamentelor private, programelor generale de marketing qi fumizarea
contactelor ce lin de investilii bancare.
Structurarea gi cotare pe pielele financiare Life Style Medical Network Inc. din SUA. intocmirea si negocierea
contractelor de fuziune, programelor generale de marketing qi fumizarea contactelor ce fin de investitii bancare.

8/08-11/2012 Vice-pregedinte, Director al subdivizianii de Opera(iani din SUA, UNR Hoklings Inc.
ConsultanJi in restructurarea companiei qi indrumarea ei pentru a fi cotati pe pie{ele financiare americane, OTCBB in
august 2008.
Oferirea de consultanJdjuridicl qi financiarl legat[ de pietele financiare din SUA, consultanl[ in asigurarea de
fonduri fhri efectul de levier de la b[ncile qi instituliile de investi]ii, precum gi consultanfd cu privire la oblinerea
liniilor de creditare de la institu{iile financiare americane.
Responsabil pentru relafiile cu publicul (PR) qi relatiile indushiale (IR) ale companiei, coordonarea activit[tilor cu
companiile de PR angajate de companie.
2/03-

5/05 $ef Operaliuni' Membru al Consilialai, Asconi Corporution Inc., Ilinter Park, Florida, SUA

>

Restructurarea companiei qi indrumarea ei pentru a fi cotatd la Bursa Americani de Valori (AMEX),04 noiembrie
2003

Oferirea de consultanti juridic[ qi financiard legati de pie{ele financiare din SUA, asigurarea de fonduri fir[ efectul
de levier de la bincile gi instituliile de investitii, precum qi consultan![ cu privire la obtinerea liniilor de creditare de
la institutiile financiare americane
Organizarea cu succes a unei campanii de sensibilizare in domeniul marketing pentru a introduce produsele Asconi
pe piefele Statelor Unite ale Americii
Implicarea unor Analigti independenfi de cercetare, dezvoltarea de programe IR pentru a maximiza expunerea
companiei
Dezvoltarea unui sistem integrat de acumulare de fonduri
Administrarea personalului de la sediul central care se afli in SUA.
7/01-

2/03 Director Asociat, Market Management International, Inc., llinter Park, Florida, SUA
Servicii de consultan{d care includ consultan{d juridic[ gi financiari oferite in primul rdnd clien]ilor din Europa de Est
care doresc tranzaclionarea publicd pe pie{ele financiare din SUA, asigurarea de fonduri fbrd efectul de levier de la
blncile, institufiile de investilii qi consultanli cu privire la oblinerea de linii de creditare de la institutiile financiare
americane

Servicii de consultan{[ oferite clientilor ou privire la inilierea cu succes a unor campanii de sensibilizare in domeniul
marketing pentru introducerea produselor lor pe pielele din Statele Unite

3/00-7/01 Consilierlinanciar,

>
>

First Union Securities, Orlando, Florida, SIIA.

Consultarea clientilor cu privire la vdnzarea qi achizilionarea de valori mobiliare Ei aloca{ii reciproce de fonduri
Preg[tirea modelelor de alocare a activelor qi a propunerilor investi]ionale de pensionare.

10D8-2/2000 AnalistJinanciar, International Media Solutions, Inc,, Altamonte Springs, Fbrtda, StlA

>
>
>

Analiza fundamentald

a companiilor cliente inainte de efectuare a unei campanii de marketing

Identificarea tendin{elor de pe pia{a Ei economice care au fost favorabile pentru dezvoltarea companiilor cliente
Responsabil pentru Direclia europeani a marketing-ului corporativ.

10t97-9/9SAnalist asistent, R.

>
>
06D5-12/96

>
>
>

5/9

>

(in domeniul documentelor statutare) gi dreptul post-privatizare.

A asistat gi a monitorizat procesele dejudecatd.

Stagiar, fudecdnria Bonnica, ChiSindu, Moldova

> A asistat in procesele de judecati; a pregltit materiale juridice pentru a
> A inregistrat materiale juridice in cadrul proceselorjudiciare.

'

1997-1998
1990-1995
1994-1995
1993

de

A administrat qi mentinut conturile corespondente strdine; a deschis qi inchis conturi bancare din striin[tate qia fost
responsabil pentru corespondenld intemalionali
A elaborat instrumente qi a intocmit corespondenla in domeniul negocierilor
A condus elaborarea de proceduri utilizate in crearea conturilor fiduciare in limitele legilor monetare existente; a
oferit servicii de asistentd gi consultanld in extinderea shategiilor de investilii
A coordonat eforturile intre KPMG qi Inteprinzbanca in vederea furnizirii unui sistem de audit pentru documentele
financiare deJinute de banci.

Stugia4 Curtea Supremd de Justi(ie din Moldova, Chi$indu, Moldova

07D4

06 -

cu energie electricl; oferirea de suport analitic in domeniul aprovizionirii cu energie electrici, finanlarea
obligaliuni municipale
Participarea la elaborarea studiilor in domeniul electric, apd, precum qi rata apei uzate pentru utilitili municipale.

05/96 furist, Conrpania de consultanld Expert, Ch$infru, Moldova

> Practica corporativi; Specializat in dreptul comercial

08n4

0 9D 3 -0

Elaborarea modelelor analitice pentru evaluarea altemativelor economice posibile pentru sistemele de aprovizionare

Jurist, Direcfia afacefilor exteme, Banca "Intepfinzbanca" SA, Chigindu, Moldova

>

0186-

I/. Beck, Inc., Consalting Engineers, Orlando, Florida, SUA

fi examinate in

insta1rfa de judecatd

Stagiar, Minhter ul Afacerilor Externe, Chi; indu, M oldov a

> A inregistrat documentejuridice dupi necesitate; a procesat asistenld tehnici in baza instrucliunilor guvemului; a
elaborat memorandum gi corespondenla oficiali
> A analizat Ei a tradus rapoarte intemafionale pentru examinare oficiali

EDUCATIA
Universitatea din Florida Centrald, Orlando, Florida
> Masterat, Economie aplicatd
Universitatea de Stat din Moldova, Chi;inda, Moldova
> Juris Doctor, Facultatea de Drept
Universitatea din Florida Centrald, Orlanilo, Florida
> Programul de Schimb, Colegiul de Administrare a Afacerilor
Universitatea de Studii Economice, Budapesta, Ungaria
> Programul Universitar de vari, Facultatea de gtiin{e politice.

ALTE APTITUDINI

Fluent in patru limbi: rusi, romenA, englezd gi spaniola

SERGUEI MELNIK

PROFESSIONAL EXPERIENCE

10/04-

present President, l{olf Blitz Corporation, Corporate Consulting Company

>
>
>
>
>
>

General Business Consulting

Structuring and preparing for listing on the US financial markets Nutriband, Inc.
Subsidiaries located in Republic of Ireland. Preparing and submitting the subscription
agreements, helping raise initial funds, setting up the legal and financial framework
for the project.
Structuring and listing on the US financial markets Promotora Valle Hermoso, Inc.
Subsidiaries located in Ecuador. Prepared the underwriting agreements, Private
placements, general marketing programs and provided investment-banking contacts.
Structuring and listing on the US financial markets Emerging Media Holdings Inc.
Subsidiaries located in the Republic of Moldova. Prepared the underwriting
agreements, Private placements, general marketing programs and provided

investment-banking contacts.
Structuring and listing on the US financial markets UNR Holdings, Inc. Subsidiaries
located in Russian Federation. Prepared the underwriting agreements, Private
placements, general marketing programs and provided investment-banking contacts.
Structuring and listing through reverse merger Life Style Medical Network, Inc. on
the US OTC Financial Market.

8/08-11/2012 Vice President, Director of US Operations, UNR Holdings Inc.

Consulting on Restructuring the company and leading it to be listed on US Financial
Markets, OTCBB in August of 2008.
Providing legal and financial advice linked to the US Financial Markets, consulting
on securing non-leveraged funds from investment bankers and institutions, and
consulting on obtaining lines of credit from American financial institutions
Responsible for PR and IR of the Company, coordinating the activities with the PR
Companies hired by the company.
2/03-

5/05 Chief Operations Officer, Board Member, Asconi Corporation,Inc., Winter Park, Florida,

USA

Restructuring the company and leading it to be listed on the American Stock

Exchange, November 4Il., 2003
Providing legal and financial advice linked to the US Financial Markets, securing
non-leveraged funds from inveshnent bankers and institutions, and consulting on
obtaining lines of credit from American financial institutions

>
>
>
>
7/01-

Leading a successful marketing awareness campaign to introduce Asconi products

into the United States markets
Engaging independent Research Analysts, developing IR Programs to maximizethe
exposure of the Company
Developing an integrated fundraising tracking system
Managing office staff at the US Headquarters.

2/03 Associate Director, Market Management International,Inc., Winter Park, Florida, USA

>
>
3/00-7/01

Consulting services, comprised of legal and financial advice, provided to primarily

Eastern European clients seeking becoming publicly traded on the US Financial
Markets, securing non-leveraged funds form investment bankers, institutions and
consulting as to obtaining lines of credit from the American financial institutions
Consulting services provided to clients to as to launching successful marketing
awareness campaigns to introduce their products into the United States markets.

Financial Advisor, First Union Securities, Orlando, Florida, USA.

>
>

Advise clients as to the sales and purchases of securities and mutual'funds allocations
Preparing asset allocation models and retirement proposals.

10/98-2/2000 Financial Analyst, International Media

Solations, Inc., Altamonte Springs, Florida,

USA

>
>
>
10/97-9/98

Fundamental Analysis of the client companies before undertaking a marketing

campaign
Spotting and underlying trends in the market and economy that were favorable for
client companies development
Responsible for the European direction of the corporate marketing.

Assistant Analyst, R. W. Beck,Inc., Consulting Engineers, Orlando, Florida, USA

>
>

Developed analytical models to evaluate economic alternatives under consideration

by electric utility systems; provided analytical support on power supply studies,
municipal bond financing

Participated in preparation
municipal utilities.

of

electric, water, and wastewater rate studies for

06/95-12/96 Lawyer, Department of Foreign Affairs, JSC Bunk "Inteprin4,banca,', Chisinau, Moldova

>
>
>
>
0I/96-

05/96

08/94

Operated and maintained foreign colrespondent accounts; Opened and closed

overseas bank accounts and was responsible for international correspondence
Drafted negotiable instruments and correspondence
Lead development of procedures used in the creation of Trustee Accounts within the
limits of existing monetary laws; provided assistance and consulting services to
expand investment strategies
Coordinated efforts between KPMG and Inteprinzbanca in order to provide a system
for the audit of financial records held by the bank.

Luwyer, Expert Consultunt Compuny, Chisinau, Moldovu

Corporate Practice; Specialized in business law as it related to statutory documents
and post-privatization law.

>

Internship, Moldova Supreme Court of Justice, Chisinau, Moldova

Attended and monitored judicial processes.

>

07/94

Internship, Botanica District Court of Justice, Chisinaa, Moldova

> Assisted in judicial process; prepared legal material for examination in Court
> Filed/Recorded Legal Materials as necessary by the Judicial Process.

09/93-05/94

Internship, Ministry of Foreign Affairs, Chisinau, Moldova

Filed/recorded legal materials as required by; Processed technical assistance under
government guidelines; Draft ed official memoranda and correspondence
> Analyzed and translated international reports for official review

>

EDUCATION
University of Central Florida, Orlando, Florida
> Master of Arts, Applied Economics
1990-1995 Moldova State University, Chisinau, Moldova

1997-1998

1994-1995
06 -

1993

>

Juris Doctorate, Law Department

University of Central Florida, Orlando, Florida
> Exchange Program, College of Business Administration
Budapest University of Economics Science, Budapest, Hungary
> Summer University Program, Department of political science.

OTHER SKILLS

To Whnm lt Aiay Concern:

I am conta{ti$E y&u in regards to the Sovernor of the Natianal

Sank

of

}vtcldova pCIsition

that was advertised in

i{sldovan media last week.

0n top cf rny sol'id educat'icn and succestfr.rl track record throughout rry ?CI+ years uf internaticnat work experience, {
bring tn the tabt my lrloldovan her:itage b*ekground and a deep Lrnderstand'ing of our history and culture, which *s k*y

ts the

succe$s of this highty

important leadership rol*.

I have a taw Degree from the Stare University of iioldova t1995), xnd a Masters af Arts in Appl"ied Econonnics from rhe
L.lniversity of Central, Florida in the US (?00Si. My t'ife path brought me to the U5 on an exchange prograrn during my
last year af :tudies at futrtdova 5tate tjniversity, *nd after hstdjng a pusitisn

i* ane cf Jrilntdovan banks *t the time,

decided to ret,urn to the US to pursue advanced studies and Llttimatety to stay and gain experience in the US job

market. I have b*en highly successful in this country of opp*rtunity, built a farnily {wife and two ch*tdren}, initiated
and nourished key business relationships, and grew profitabte businesses.

frtm

an entry-t*ve{ analyst witlr International ttqdia Sututicns, to financiat adv'iser with First Unian Securities {hetd
series 7 and series 63), I learned ard d*vetoped quick{y lo p*s'ition mysetf for a job jn * tocal Investme*t Sanking

in this firm marked the biggest accomplishments of my early career days. Exercising my
netwsnk in hcrne $loldova and leveragins the r*tatianships and kn*w{edge base of the firm I was part ofr I was nble to
be first and as far ac I know, last &lotdovan, to successfulty struct*re and tjst a Moldovan Cornpany (wine pr*duct*on
firm Ase*ni! to the American Stock fxchange. I rang the apening bett sn the Atvl[X trading ftonr on Wall Street o*
November 4,2AQ3, which was the first day the Asconi Corporation Stock traded on tire American Stock Exchange. The
{Brrns$y from that historicat eyeilt inctuding rny interview lo AtrlEX TV can be viewed here:
http$://www.youtube.co-m/watch?v*Z5FiH0*Mizw This was the first of the five cornpanies I brought public to American
Consutting Firm. My work

:tock r*arketsn where I sw*ed the end-ts-*nd process of the deal.

irty p*rtfutic has been growing year after year a*d *ncornpasses v*st knowtedge of hsw financial rnarkEts work, an
extessive netwsrk of csntacts that I have acquired and maintained with each dea[, knowtedge of the role of Central
Sank

in the finaneiat system and everyday l'ife ol a country. i{oreover, my sxpertise includes knowtedge of how to

teverage funds to eliminate the nnga,i*g dependency on the merry of internat'ionai organixations. I alss strongty believe

that lltstdwe n**ds refsruns te its fiixca{ taw, the law on foreign investffisnts and c*pitat rnov*ment, which rryiti er*ate a
pafrtive finnnctal climate to lev*rage targe fnvestrnsntt intu iiotdova.
that after spending most of my adutt l"ife in a soc:iety where Law is supreme, private property is
the "hotty grait", privacy and the constitutionat rights are protected by alt branches of power, I can bring a piece of
I woutd tike to envision

the &ff{efisrn dr*anr to Mstdova. I possess the tendsrslr*p requir,ed for this key rale in nur csuntry nnd ffisre impcrtantty
I have the passion to see my A4otdova succeed and flourish. I woutd love the opportunity to be abte to give back to my
hornetand by apptying the expertise, skilts, and knowtedge acquired over
partners from futotdova, Russia, Ecuador, lretand, and other parts of the wortd.

Thank ycr* for:your tinne and consideration.

se,rguei

-*r#

Fr*sidenl

the years in the

US white working with

Sergiu CIOCI-EA

BANCHER INTERNATIONAL SENIOR

Banca de afaceri o Management I Finante corporative r
Cercetari economice r Europa centrala si de est r privatizari r
nstituti i fi nanciar-bancare
I

Informatii generale :

Profil profesional:

Tripla cetatenie: RM,

franceza, romAna

'

Membru al organelor de conducere in institutii bancare cu experienta de

42 ani

Peste 17 ani de activitate in

sectoru I financiar-bancar

'r

O vasta exerienta de lucru si proiecte realizate in sectorul financiar-bancare.

Economist specializat pe Pietele Emergente, in special din Europa centrala si de

Diplome de Master si de

'

studii post-universitare la
Un

iversitatea Panth6on-Assas

din Paris
Cvadrilingv: romana,
engleza, franceza si rusa

'
o

management, supraveghere, dezvoltare comerciala si gestionare de proiecte.

est, Rusia, CSI si Turcia.

Expert in fuziuni si achizitii, reorganizari, gestionarea si administrarea activelor,
capital de risc, cercetari economice si piete de capital.
Membru in Consiliul de experti al Agentiei Proprietatii de Stat a Federatiei Ruse
(Rosimuscestvo).

Realizari: 62 defuziuni-achizitiigestionate si4 listari la bursa. Valoarea totala

tranzactiilor incheiate cu succes - peste 30 mlrd dolari SUA.

Recomandari profesionale:

Experienta relevanta:

facques de LarosiEre
Fost Director Ceneral al FMI
Fost Cuvernator al Bancii

Management:
Membru in Comitetul Executiv al bancii BNp PARIBASZAo, responsabil
printre altele de supravegherea:
gestiunii cotidiene a bancii;
strategiei de afaceri, politicii de creditare si limitelor de risc.
performantei si conditiilor financiare ale bancii;
costurilor si politicilor de finantare;
controlului intern si regulilor de conformitate;
aspectelor juridice si de reglementare bancara;
resurselor umane/ tehnologiilor informationale si operatiilor bancare.
Membru in Comitetul european al Departamentului de Finante Corporative,
responsabil printre altele de:
fixarea si realizarea budgetuluianual;
strategia de afaceri si relatia cu principalii clienti ai bancii;
indicatorii principali de performanta (Kpl) si politica de remunerare;
resurse umane si strategia de recrutare.
Seful Departamentului Finante corporative pentru Rusia si fosta URSS:
gestiunea cotidiana a departamentului;
responsabil de executarea budgetului si politica comerciala;
recrutarea salariatilor si alte responsabiliati administartive.

.
.

.
.

Frantei
Fost Presedinte al BERD

Membru al asociatiei Croup

of Thirty, Washingon
fean lemierre

.
.

Presedintele bancii BNP

PARIBAS
Fost Presedinte al BERD

Thierry Olive

Seful Departamentului

Clobal Piete de Actiuni,

BNP PARIBAS
Fost Sef al Diviziei Europene

a Departamentului Finante
Corporativg BNP PARIBAS
Herv6 Hasco6t

.
.

Seful Diviziei Fuziuni &

Achizitii in Pietele Emergente
- Soci6t6 C6n6rale
Fost Sef al Diviziei Fuziuni &

Achizitiiin Pietele
Emergentg BNP PARIBAS

Olivier de Boysson

Economist-sef responsabil de
Pietele Emergente - Soci6t6

G6n6rale
Fost Sef al Diviziei de Risc de

Tara, PARIBAS

o
o
o
o
o
o
o

o
o
o
o

'

o
o
o

Proiecte in sectorul financiar-bancare:

Consilier al Bancii Moscovei (Rusia) pentru evaluarea sinergiilor de fuziune cu
o companie de asigurari din Moscova (2010);
consilier al actionarului majoritar al ASIRoM (Romania) cu privire la vanzarea
pachetului de actiuni cbmpaniei Vienna Insurance Croup (ZOOZ);
Consilier al grupului BNP PARIBAS cu privire la achizitia bancii Ukrsibbank in
Ucraina (finalizata), bancii Ruskii standart in Rusia (intrerupta) si evaluarea
achizitiifor potentiale in Romania, Polonia si Turcia (2004-2007);
Consilier al actionarului majoritar al Mobiasbanca (Moldova) cu privire la
vanzarea pachetului de actiuni grupului francez soci6t6 G6n6rale (2005);
Consilier al guvernului serbiei cu privire la privatizarea unui lot de 3 banci
comerciale - Continental Banka, Novosadska Banka siJubanka (2004).

o
.

'

.
.

Cercetari economice:
. Analiza economica a27 de state din Europa centrala si de est si fosta USSR.
r ldentificarea principalelor riscuri legate de datoria publica, solvabilitatea
statului, lichiditatea valutara si devaluarea monedelor nationale.

'

Analiza lichiditatilor, stabilitatii financiare si rezistentei sistemelor bancare.

Competente profesionale:

Experienta profesionala:

.
.
.
.
.
.

Director Gerant, Seful Departamentului Finante Corporative.

BNP PARIBAS ZAO, Moscova. 2008-15
. Membru in Comitetul Executiv al bancii BNP PARIBAS ZAO, Rusia;
. Membru in Comitetul european al Departamentului de Finante Corporative;
. Responsabil de politica comerciala si executarea tranzactiilor de fuziune si
achizitie, precum si a operatiilor de pe piata de actiuni in Rusia si CSI;

Calitati de conducator
Talentorganizational
Managementul proiectelor
Planificareastrategica
Planificarea budgetara
Comunincarea in medii
culturale diferite
Experienta de afaceri cu
institutii le financiare
internationale

Cursuri specializate an
domeniul financiar-bancar:

.
.
.
.
.
.
.
.
.
.
.

Analiza fluxurilor de
trezorerie
Analiza financiara
Conturi IFRS
Evaluareacompaniilor
Evaluarea bancilor
Piete de capital
Instrumente derivate
Instrumente de gestiune

actif-pasif
Instrumente publice cu

venit fix
Arta si tactica de negociere
Arta de comunicare

Limbi:

.
.
.
.
.

Exemple de tranzactii:
Reorganizarea companiei RusHydro prin fuziunea cu filialele ei,
Achizitia unui pachet de actiuni al firmei Saras (ltalia) de catre
compania Rosneft,
Achizitia companiilor Yamalsi Sibneftegaz de catre compania

o
o
o
o
o

Novatek,
Privatizarea de catre Cuvernul rus a pachetului de actiuni PhosAgro,
Introducerea in bursa a UC Rusalpe piata de actiuni din Hong Kong.

Asociat, apoi Director Adjunct, si Director al Diviziei pentru Europa centrala

si de est. Departamentul Finante Corporative, BNP PARIBAS. Paris. 2OOO-O7
o Initierea si executarea tranzactiilor de fuziune si achiziti in regiune;
. Exemple de tranzactii:
o Privatizarea companiilor si bancilor de Stat din Romania, Bulgaria,
Slovacia, Serbia, Lituania si alte tari din regiune.
o Vanzarea pachetului de actiuni detinut de BERD la firma Sklo Zoria
(Ucraina)
o Achizitia Distrigaz Sud (Romania)de catre grupul Caz de France.

Analist de obligatiuni, responsabil de Europa centrala si de est, Divizia Piete

Emergente, Departamentul Burse de valori cu venit fix, Londra. 1998
o Analiza piete obligatiunilor suverane si pregatirea materialelor analitice.
Economist senior responsabil de Europa centrala si de est, Rusia si CSl, Turcia,
Divizia Risc de Tara. Departamentul Cercetarilor Economice, Paris. 1997-99.
. Analiza riscului de tara, membru statutar in Comitetul de credite.
. Publicatii in reviste economice. Participare la conferinte.

Studii:

Romana (materna)
Franceza (fluent)
Engleza (fluent)
Rusa (fluent)

Diploma de studii post-universitare in Economie Internationala si Dezvoltare,

Universitatea Panth6on-Assas din Paris (Franta), 1995-1996
. Diploma cu distinctie. Sef de promotie.

Germana (notiuni)

Diploma de Master in Economie, specializarea Economie lnternationala,

Universitatea Panth6on-Assas din Paris (Franta), 1994-1995

Cunostinte informatice:

.
.
.

MS Office, Internet
Bloomberg
Datastream

Hobby-uri:
Lectura: monografii istorice,
memorii politice, eseuri;
Muzica: jazz-ul, rock-u l,
opera;

Sporturi practicate : squash,

schi alpin.

Certificat academic pentru anii de studi l, ll si lll, Facultatea Relatii

Economice Internationale, ASEM, Chisinau, 1991-1994
Liceul teoretic romin-francez Gheorghe Asachi din Chisinau (Moldova).
. Medalie de argint. Sef de promotie.

Publicatii:

.
.
.
.
.
.
.
.

Societatea noastra a sacrificat prioriatile economice, Platzforma, 20'l 5.

How to increase the privatisation efficiency?, Vestnik Privatizacii, 2012.
Telecoms privatisations in the MENA, IPR 2001-02, Euromoney

Turkey: in search of stability, Conjoncture, Dec. 1998

Poland: ten years of transition, Conjoncture, June 1 999
Exchange rate policies in Eastern Europe, Conjoncture, Nov. 1998
Stabilisation in Russia, Problbmes Economiques. No.2563, 1998
Russia: stabilisation. Then what?, Conioncture, Dec. 1997

qryiq qlqqEA

General information:
Moldovan, French and
Romanian citizenship
o
a

42 years old
More than 17 years o(
banking experience

INTERNATIONAL SENIOR BANKER

lnvestment Banking r Management I Corporate Finance r
Economic Research r Central & Eastern Europe r Privatisations
Banking & Financial lnstitutions

Professional profile:

o
.
o

Master and post-graduate

diplomas in International
Economics from University

of Panth6on-Assas in Paris
Fluent in Romanian,

English, French, Russian

Senior banking executive with proven management and supervision track

record, business development and project execution skills.
Vast working experience and projects in the banking & financial industry.
Economist, specialised in Emerging Markets with a specific focus on Central
& Eastern Europe, Russia, CIS countries and Turkey.
Expert in M&A, privatisations, reorganisations, portfolio management,
private equity, economic analysis and capital markets.
Member of the Expert Council of the State Property Management Agency of
the Russian Federation (Rosimushchestvo).
Results: managed 62 M&A and 4 ECM deals. Successful transactions closed
with a total value above USD30bn

Executive endorsements:

Relevant experience

facques de Larosibre
Former Managing Director
of the IMF
Former Covernor of Banque
de France (central bank)
Former President of the

Management:
. Member of the Executive Committee of BNP PARIBAS ZAO, overseeing

inter alia:

.
.

EBRD

Member of the Croup of

Thirty, Washington

fean Lemierre
. Chairman of BNP PARIBAS
. Former President of the

EBRD

Thierry Olive
. Global Head of Equity

Capital Markets,

BNP PARIBAS
Former Head of Europe
with Corporate Finance,
BNP PARIBAS

Herv6 Hasco6t
. Head of M&A Emerging
Markets. Soci6t6 C6n6rale
. Former Head of Corporate
Finance Emerging Market,
BNP PARIBAS

Olivier de Boysson

Chief Economist Emerging

Markets, Soci6t6 G6n6rale

Former Head of Countrv
Risk Division. PARIBAS

o
o
o
o
o
o
o

Day-to-day management of the bank;

Business strategy/ credit policy and risk limits;
Bank performance and financial conditions;
Cost of funding and funding policy;
Internal control and compliance rules;
Legal and regulatory concerns;
HR, lT and operations.
Member of the European Management Committee of the Corporate Finance
Department, overseeing inter alia:
o Annual budgets and performance;
o Business strategy and key client policy;
o KPI and compensation policy;
o HR matters and recruitment strategv.
Head of Corporate Finance Department for Russia & former USSR area:
o Day-to-day management of the department;
o Responsible for budget execution and deals origination;
o Employee recruitment and administrative responsibilities.

Projects in the banking & financial industry:

. Advisor to Bank of Moscow (Russia) on potential synergies form the merger
with a Moscow-based insurance group (2010);
. Advisor to the majority shareholder of ASIROM (Romania) for the successful
safe of its stake to Vienna Insurance Croup (2O07);
o Advisor to BNP PARIBAS Group for the acquisition of Ukrsibbank in
Ukraine (completed), Russian Standard Bank in Russia (interrupted) and for
their bids for numerous banks in Romania, Poland and Turkey (200a-2007);
. Advisor to the majority shareholder of Mobiasbanca (Moldova) for the
successful sale of their stake to France's Soci6t6 C6n6rale (2005);
o Advisor for the government of Serbia for the privatisation of 3 commercial
banks Continental Banka, Novosadska Banka and Jubanka (2004).
Economic research:
o Economic analysis

.
.

ol27 countries in CEE and former USSR;

ldentifying key risks related to public debt issues, sovereign solvency,

forei gn cu rrency I iqu id ity, cu rrency deval

ations;

Analysing banking systems' liquidity, financial stability and resilience.

Professional skills:

Career summary:

.
.
.
.
.
.

Managing Director, Head of Corporate Finance Department.

BNP PARIBAS ZAO, Moscow. 2008-201 5
. Member of the Management Committee of BNP PARIBAS ZAO, Russia;
. Member of the European Management Committee of Corporate Finance;
. Origination and execution of M&A and ECM deals in Russia and CIS;

Leadership qualities
Organisation talent
Project management
Strategic planning
Budget and forecasting
Cross-cultural

training:

.
.
.
.
.
.

Cash-flow analysis
Financial analysis
IFRS financial statements
Companies valuation
Banking institutions
valuation
Capital markets
Derivatives
Assets & liability

management i nstru ments

Fixed income instruments
Negotiation skills and
tactics

Communication skills

Languages:

.
.
.
.
.

Romanian (mother tongue)

French (fluent)
English (fluent)
Russian (fluent)
Cerman (notions)

Computer literate:

.
.
.

Selected deals:

o
o
o
o
o

communication
Experience in dealing with
international financial
institutions

Specialised banking

.
.
.
'.

RusHydro's reorganisation via merger with subsidiaries (10bn),

Rosneft's its acquisition of a minority stake in ltaly's Saras,
Novatek's acquisitions of Yamal and Sibneftegaz,
Privatisation by the Russian Federation of its stake in PhosAgro,
IPO of UC Rusal on the Hong Kong Stock Exchange.

Associate, Vice President and Director, Central & Eastern Europe Division.
Corporate Finance Department, Paris. 2OOO-2OO7
. Origination and execution of M&A and ECM deals in CEE region;

Selected deals:

o
o
o

Privatisation of numerous State-owned companies and banks in

Romania, Bulgaria, Slovakia, Serbia, Lithuania, etc.
Sale of the EBRD's stake in Sk/o Zoria in Ukrainei,
Acquisition of Distrigaz Sud in Romania by Caz de France.

Bond analyst in charge of CEE and Russia, Emerging Market Desk.

Fixed lncome Department, london. 1998
o Market analysis and coverage of sovereign issuers; research notes.

Senior economist in charge of CEE, Russia, CIS and Turkey, Country Risk
Division. Economic Research Department, Paris. 1997-1999.
o Country risk analysis, statutory member of credit committees.
. Publication of articles in economic magazines and press. Conferences.

Education:
Post-graduate (DEA) studies in International Economics and Development,
University of Panth6on-Assas in Paris (France), 1995-1996
r Post-graduate diploma with honours. Top-ranked student.
Master Degree (Maitrise) in Economic Sciences, specialised in International
Economics, University of Panth6on-Assas in Paris (France), 1994-1995
Three-year course academic certificate, Academy of Economic Studies,
Chisinau (Moldova), 1 991 -1994

MS Office, Internet

Bloomberg
Datastream

Hobbies and interests:

Reading: history books,

political memoirs, essays;

Music: jazz, rock and

opera;
Sport: squash and Alpine
skiing.

Higher leaving certificate, Moldovan-French High-School named after

Gheorghe Asachi, Chisinau (Moldova).
o "Silver-Medal" Honours. Top-ranked student.

Selected publication and articles:

.
.
.
.
.
.
.
.

Societatea noastra a sacrificat prioriatile economice, Platzforma, 201 5.

How to increase the privatisation efficiency?, Vestnik Privatizacii,2Ol2.
Telecoms privatisations in the MENA, IPR 2001-02, Euromoney
Turkey: in search of stability, Conjoncture, Dec. 1998
Poland: ten years of transition, Conjoncture, June 1 999
Exchange rate policies in Eastern Europe, Conjoncture, Nov. 1998
Stabilisation in Russia, Problbmes Economiques. No.2563, 1998
Russra: stabilisation. Then what?, Con joncture, Dec. 1997

Sergiu CIOCLEA

TETTER OF MOTIVATION

After mature reflection and with a great sense of responsibility, I am honoured to submit my application for the
position of Governor of the National Bank of Moldova (NBM) in response to the public call for candidatures
launched by the Parliament of Moldova on February L2,2016.
As a senior executive with over seventeen years' extensive experience in various banking activities across
Europe, I believe I have the right set of skills and qualifications in order to assume such an important mandate in

today's exigent circumstances

Senior banking management skills. As Managing Director at BNP PARIBAS, I held various senior
business and management positions within the group. The most relevant experience for this application
is the position of Member of the Executive Committee of BNP PARIBAS ZAO (a fully-owned subsidiary of
BNP PARIBAS in Russial I held in 2008-2015. At the time whbn I exercised these duties, BNP PARIBAS
ZAO was ranked among Russia's largest Top 10 foreign-controlled banks with more than USD3bn assets.
My Executive Committee responsibilities included overseeing the bank's day-to-day managemenf credit
policy and risks, funding, compliance and other operational matters. This has been a very insightful and
valuable experience for me as it coincided with the 2008-2009 global financial crisis, which affected
Russia too and sparked numerous problems with regard to interbank liquidity, cost of funding, deposits,
credit defaults, loan restructuring, provisioning and consequent business strategy reorientation.
Besides, I also worked during this period as Head of Corporate Finance Department of BNP PARIBAS
ZAO and Member of the European Committee of the Corporate Finance Department at the Group level.

In-depth banking knowledge. During my professional life I worked in three different departments Economic Research, Fixed Income and Corporate Finance - and had very close interactions with
virtually all business lines and functions in a bank. Besides, I led successfully many merger & acquisition
deals involving financial institutions. Such projects require a very careful analysis of banks' operations
and business models, present and future revenue generation sources, exhaustive legal and financial due
diligence, quality check of credit portfolio and risk provisioning, with the ultimate goal of valuing banks'
equity and share capital. For instance, I managed the sale of the majority stake in Mobiasbancain2005,
which contributed to attract Soci4td Gdndrale, a very qualified foreign investor, in Moldova. I run such
proiects in many other countries of Central & Eastern Europe [CEE). Working with commercial banks in
various countries is of particular interest. It gave me the chance to compare different banking systems in
the region and helped me to understand their relative strengths and "soft spots",

Strong economic expertise, with a focus on Central & East European region. I started my banking
career as an Economist in charge of CEE countries with one of the best economic research centres in
France at the time - BANQUE PARIBAS' Research Department. For almost four years I performed indepth analysis of macroeconomic and political conditions in 27 former Communist-block countries, with
a specific focus on potential country risks and also banking system risks, such as economic recession,
budget and external deficits, inflation pressures and currency devaluations, public and corporate sector
debts, solvenry issues, banking systems'liquidity and resilience. As a result, I am very familiar with the
types of macroeconomic issues the Republic of Moldova is facing now. Such a background would be a
valuable asset for the conduct of monetary policy and banking supervision role.

Exposure to Governments and International Financial Institutors, After managing more than
twenty privatisations in the CEE region, I am well accustomed to working with [and resist pressures
from) various Government officials, such as Ministers of Economy, Ministers of Finance, Heads of
Treasury Heads of Privatisation Agencies and also Central Bankers who exercised shareholding and/or
management rights in the companies and banks put for privatisation. Besides, privatisation projects
implied a close and confident dialogue with international financial institutions flFIJ and multi-lateral
investors such as the IMF, the World Banh the EBRD and others. The Governor of the NBM should have
strong personality, accustomed to deal with senior government officials and IFI executives - qualities
that I believe I possess.
a

International academic and professional background. I hold a Master and a Post-graduate Diplomas
from the University of Panth6on-Assas in Paris (ranked by SMBG No. 1 in France for its International
Economy studies and Top 3 for Banking & FinanceJ. I spent my entire career abroad, headquartered in
Paris, London and Moscow, working for BNP PARIBAS - the French multinational banking group. With
USD2.4 trillion of assets as of fune 201"5, BNP PARIBAS is the biggest bank in the Euro-zone and 7th
largest in the world. I have been profoundly marked by Western European corporate culture and strict
business ethics. My long professional experience in Western Europe, CEE region and Russia offers me an
extraordinary professional network and also access to a vast knowledge capital.

I decided to submit the present application, after long consideration of the challenges that would inevitably face
the next Governor of the NBM. The candidate selected by you will have an obligation to succeed in order to
address the country's problems and meet very high public's expectations. I believe I have the necessary banking
and economic knowledge in order to swiftly and comprehensively assume the central banker duties, leveraging
on my management skills, international experience and seniority.
My goal is simple

for

- to

do this job well... in order to help my country to rise above present difficulties and to look

brighter future.

If I were selected and appointed by the Parliament as the next Governor of the NBM, I would be truly honoured
to put my qualifications, determination and my entire energy at the service of the central bank mission. Although
it is not appropriate to formulate concrete policy measures at this itage, I would support, based on my
understanding of the situation in Moldova, the following general orientations:

1l

Continue consolidating and cleaning up the banking sector. The2074 massive bank fraud revealed
the insufficiency of the NBM supervision framework as well as its ineffective interaction with the
political and judicial authorities. The new legislation and regulation initiatives prepared by the NBM
should cope with such deficiencies, reinforcing banks' shareholding and operational transparency,
know-your-client and anti-fraud rules, risk management systems and provisioning requirements,
material dealings authorisation as well as the NBM's prerogatives and tools in contingent situations,
Following the orderly liquidation of Banca de Economii, Banca Sociala and, Unibank,the NBM should
impose individual remedy plans to the three banks placed under its special supervision, if the diagnosis
reveals irregularities, but also maintain arms-length oversight of other banks. International cooperation
should be reinforced in order to strengthen anti-fraud cross-border controls and intelligence sharing.

2)

Restore public's confidence. Putting the banking system on a sounder basis is undoubtedly necessary
but not sufficient in order to restore the public confidence. The fraud investigation must continue until
full completion in order to identify all responsible parties, fraud schemes and available means to recover
misappropriated assets. The NBM should continue providing its entire assistance to such investigation,
including by reviewing its own functioning during the said period with the assistance of international
experts. Given that credibility is central banks'main, if not the only tool, restoring public's confidence in
a timely manner is of paramount importance.

3l

Resume cooperation with international financial institutions. Dealing with banking problems is one
of pre-requisites of the IMF and other international and bilateral donors in order to resume lending and
cooperation programmes. The Governor should join as soon as possible the official negotiation team,
ensuring the continuity of the NBM's mission and accountability. Striking the IMF deal without delay is
critical for the country's credit reputation and should give a fresh impetus to cooperation with IFIs and
private creditors. It should also support the Government's domestic policy efforts with a view to
promote structural reforms and restore the credibility of its pro-European agenda.

4)

Curb price inflation and exchange rate volatility. The NBM's primary objective is to maintain price
stability. Moldova is experiencing today a notable pick-up in inflation as a result, to a large extent, of the
Moldovan currency devaluation. Monetary policy tightening helped to reduce devaluation pressures,
maintain banking deposits in the national currency and reduce overall liquidity pressure, but increased
the cost of.credit for the national economy and Treasury. The disinflation policy should continue, while
seeking the exit from high-interest-rates phase through skilful exchange rate policy as well as minimum
reserves and capital requirements regulation. In a period when Moldova is facing external instability
sparked by Russian and Ukrainian economic crises as well as increased volatility in global financial
markets, the banking system has to optimise its capital and liquidity buffers.

5l

Modernise the banking system and foster its global integration. The NBM has already Iaunched a
project to harmonise the local legislation with Basel III standards and EU provisions, with the assistance
of central banks of Romania [BNR] and the Netherlands [DNB]. It is an important step forward towards
a healthier functioning of the domestic banking system, but also, ultimately, for a better access to global
financial markets. There is a general contradiction between Moldova's very open economy in terms of
foreign trade and transfers and its rather autarkic banking and financial sectors, which have limited
opening and access to private sources ofliquidity in financial markets abroad. Global integration should
encourage, as a corollary, the transfer to Moldova ofthe international "code ofgood conduit" fcorporate
governance, transparency, reporting and other normsJ that would ultimately be imposed onto potential
Moldovan counterparts by foreign banks' credit committees, rating agencies, market regulators,
Eurobond and stocks holders.

The above priorities are undoubtedly high on government agenda too. The monetary and executive authorities
should find ground for a sound and fruitful cooperation, but always with strict respect for the NBM's
independence. In an atmosphere of damaged confidence vis-i-vis public institutions and surrounding suspicion
of conflict of interests, the central banker must demonstrate three "ls": independence, impartiality and integrity.
These are essentials, if not the first qualities that any candidate for the post of Governor of the NBM must show.
In support of my professional qualification and reputation, I am pleased to enclose letters of recommendation
provided by top international bankers of good repute, among whom |acques de Larosidre {former head ofthe
IMF, former governor of Banque de Frqnce and former president of the EBRD) and fean Lemierre fChairman of
BNP PARIBAS Group, former president of the EBRD). I also testify th;t I do not have interests in the Moldovan
banking sector, neither activities in the country that would induce collusion of interests.

It would be a great pleasure to present my professional qualifications for the proposed vacancy in person and
respond to questions that members of the selection commission or MPs may have in relation to my candidature.

Faithfully yours,

Sergiu Cioclea

SNNCIU IACHIM
MB.A.E

c ONOMI S T- ACTUAR

Exp ert in manag ementul ris c urilor Jin anciar e Si

actuafiale cu studiitn domenial administrdrii

businessului.
Fluenttn romfrnd, rusd, englezd Sifrancezd.

STUDII

o
r
o

2013 Master in Business si Administrare, Vlerick Business School, Belgia

2008 Master in $tiinfe Actuariale, Universitatea Catolicd din Louvain-la-Neuve, Belgia
2006 Licenld in Economie, Universitatea Tehnicd a Moldovei, Moldova

2009 Studii Avansate tn Managementul Riscurilor Financiare, Academia Universitard Lowain, Belgia

EXPERTENTA PROX'ESTONALA

o
o
o
c

1212015 - Prezent Consultant, Cr6dit Agricole, Luxemburg

o Elaborare rapoartelor, analizelor financiare gi actuariale

08/2013 - l2l20l3 Business Analyst, Cytec, Belgia

o Analiza strategiilor de intrare pe piala Uniunii Europene
o Analizafluxurilor Jinanciare tn dependenld de strategiile analizate
0912006

o
o
t

- t2l20l4 Consultant, Aquila Risk Solutions, Luxemburg

Ameliorarea modelului de monitorizare a riscurilor financiare gi operalionale pentru o
anumitd entitate bancard

0112014

- 08120L2 Risk Manager, Ageas (fostul Fortis Group), Belgia

Suportul Si coordonarea echipelor de managementul riscului financiar din entitdlile

int ernalional e a grupului
Demoltarea modelelor de managementul risculuifinanciar
Anqliza riscurilor financiare la nivel de grup

0612001 - 0912004 Financial Officer, Fortis (fostul Fortis Group), Belgia

Analiza performanlelor creditelor bancare
Analiza profrtabilitdlii portofoliilor de redite institulionale

o
o

ALTE L E

Familie: cdsdtorit, doi copii, 36 ani, ndscut in Moldova

Abititnf personale: pozitiv, minte analiticd, ambilios, flexibil
Ilobi-uri: joc de dame (fost jucdtor profesionist), gah, alergare
2015 Concediu sabatic (educarea copiilor)
2010 Candidat independent - scrutinul parlamentar din Moldova
CV-Sergiu-lachim

..i:t.

I;

SnNCIU IACHIM
MBA-E cONOMTST.ACTUARY

Exp erience d lin ancial un d act uarial ris k manag ement

p r ofes sio n al w ith b us in e s s a dminis tr ati o n e d uc ati o n al

background.
Fluent in Romanian, Rqssian, English and French.

EDUCATION

r
o
o

2013 Master of Business Administration, Vlerick Business School, Belgium

2008 Master in Acfuarial Science, Universitd catholique de Louvain, Belgium
2006 License in Economics, Technical University of Moldova, Moldova

2009 Advanced program in Financial Risk Management, Acaddmie universitaire Louvain, Belgium

ExpnRIEN

o
o
o
o
o

CE

1212015 - present Consultant, Crddit Agricole, Luxembourg

o Producingfinancial qnd actuarial analyses and reports

0l/2014 -

Consultant, Aquila Risk Solutions, Luxembourg

- l2l20l3

Business Analyst, Cytec, Belgium

Evaluating EU Marketfor Cytec products
Forecastingsales accordingto entry scenarios

08/20L3

o
o

l2l20l4

Improvingfinancial and operational risk monitoring modelfor a banking entity

0912006 - 0812012 Risk Manager, Ageas (former Fortis Group), Belgium

o Supportingfinancial risk teams within the international entities
o Analyzing groupfinancial risks
o DevelopingJinancial risk management models
0612001,

o
o

- 0912004 Financial Off,rcer, Fortis (former Fortis Group), Belgium

Analyzing bank credits

Evaluating institutional credit porfolios

OTHERS

Family: married, two children,36 years old, born in Moldova

Soft skills: positive, analytical mind, ambitious, flexible
Hobbies: Russian draughts (former professional player), chess, running
20LS Sabbatical year (parenting)
2010 Independent candidate - Moldova parliamentary election
CV-Sergiu-lachim

t?l.

\;

SnnCIU IACHIM
Cover Letter
To whom it may concernt
As an experienced financial risk management professional, I am honored to apply for the position of
Govemor of the National Bank of Moldova. Accordingly, I express my desire to fully consecrate
myself to accomplishing the mission of the National Bank of Moldova in the most effrcient way.

My professional experience acquired while working especially in international financial institutions as

former Fortis Group and Crddit Agricole, combined with intemational educational background, as well
as my cultural awareness gained through traveling and living abroad contributed to the formation and
enhancement of my professional skills and competencies panel required for this position.

Certainly, during my joumey at former Fortis I started as a Finacial Officer position working in the
institutional credit department analyzingthe profitability and risk associated to this business line. As a
Risk Manager at Ageas (former Fortis), I interacted with banking and insurance entities within the
group and had the task to monitor and consolidate financial risks. Since 2009 at Ageas I was primarily
responsible for insurance risk consolidation at group level. In 2012-2013I went through an excellent
experience pursuing an MBA programme which developed not only my management skills but also the
big-picture thinking ability. During my experience in the chemical sector I collaborated mainly with
people with non-financial background which was a great apprenticeship in terms of my overall
development. In 2014Lretumed to financial sector working on ameliorating the risk monitoring model
for a bank. At the end of 2015, after my sabbatical leave (parenting), I started an actuarial mission as an
external consultant at Cr6dit Agricole.
The ability to find solutions and adapt to various work-context situations along with some essential soft
skills like flexibility, analytical approach, successful communication, effective team work spirit
represent key assets ofmy professional and educational background.

Given my broad experience, high level education and personality traits, I am confident taking over high
responsibilities at the National Bank of Moldova in order to create substantial added value for the entire
community.
Thanks in advance for your time and consideration. I look forward to hearing from you soon.
Sincerely,
Sergiu Iachim

2210212016
Cover-Letter-Sergiu-lachim

5r1:
t.

t;

VADIM BRINZAN

Education
1999-2001

1988-1993

BOSTON

IIARVARD BUSINESS SCHOOL

MBA degree with concentration in finance, with honors, June 2001
STATE UNWERSITY OF MOLDOVA, SCHOOL OFPITYSICS

CIIISINAU

M.S. in Engineering, with high distinction (10.0 GPA), June 1993

Experience
8/2001-Present
2014-present

ITWESTMENT BAIIKING & PRINCIPAL IT{VESTMENTS

MIAMI

LOGOS ADVISORS,LLC,a private equity management firm

Founder & Managing Partner

Private equity and angel investing across capital structure in financial assets, real estate, and technology assets, etc.

2007-2014 HOV CAPITAL, LLC, a private equity fund

Managing Partner

NEW YORK- LONDON

Managed fundls investrnents in excess of $500 mm in financial services and business services companies with more
than 10,000 employees in the US, Europe and Asia. Oversaw fund's day-to-day activities, including, among others,
securing financing, capital allocation, deal sourcing, dup diligence, transaction structuring and execution,
restructuring and monetization of acquired assets, managing relationships with financial sponsors and Federal and
State regulators (SEC and FDIC in the US, FSA in the UK).

MERRILL LYNCH

NEW YORK

2001-2007 Director, Global Principal Investments & Structured Finance (7102-3/07)

o Management of a $5 billion + portfolio of Menill Lynch's investments in public and private companies and
structured financial products on principal basis by taking equity, mezzanine and/or senior secured debt
positions through complex principal investment, structured, and private equity transactions including MBOs /
LBOs, JVs, etc.
Identification of investment opportunities and assessment of their attractiveness. Participated in all aspects of
a transaction, including deal origination, due diligence, structuring, negotiation, execution, managing
relationships with investment partners and regulators (OCC, SEC). Supervised transaction teams.
Selected transactions include: $1.5 bn JV with a credit card issuer to originate subprime and near-prime credit
card receivables; $1.2 bn + investments in tax certificates; $1.0 bn auto loan purchase; $1.0 bn prime auto
loans-backed financing to an on-line auto loan originator; $300 mm DIP financing to a distressed financial
services company; $147 mm acquisition of a financial services company with its subsequent monetization;
$98 mm LBO of a time-share originator; $90 mm asset-backed financing of portfolios of distressed consumer
and commercial debt; $50 mm mezzaninelequity investment in a start-up originator of small business credit
cards; $50 mm JV with a private equity fund to acquire portfolios of distressed consumer receivables; etc.
Associate, Mergers and Acquisitions (8/01-7102)
Analysis and feasibility studies of strategic alternatives for a broad range of acquisition assignments, spinoffs, LBOs, IPOs, etc. in diversified industrials, power and energy, healthcare, retail, and real estate sectors
In-depth financiaVaccounting due diligence, credit analysis, and company valuation under various operating
scenarios and capital structures, including leveraged and distressed situations
Industry and sector analysis to produce investment advice
Selected transqctions include a $300 mm acquisition of a US industrial company; restructuring and $417 mm
IPO of a large health insurer.

o
o

7/-8/2000

GOLDMAN SACHS

NEW YORK

Internship in the Investment Banking division

1994-1999

PRICEWATERHOUSECOOPERS
Senior Consultant, Management Consulting Services

o
r

Certifications
Languages
Personal

MOSCOW KIEV, CHISINAU

Provided management consulting services to a number of companies in oil & gas, food and beverage, and
Govemment entities in Russia
As part of senior management team, played leading roles in mass privatization processes in Ukraine and
Moldova (1994-1996). Helped draft privatization-related legislation, implement and managed the mass
privatization infrastructure in Moldova and various regions of Ukraine"

NASD Series 7 and 63, New York, NY

Romanian (fluent), English (fluent), Russian (fluent)
Bom in l97l n Moldova. Married, 3 children. Prize-winning on national judo

& sambo championships.

vADrM EBII\LZAN

Studii

SCHOOL

1999-2001

UNIVERSITATEA HARVARD, HARVARD BUSINESS

MBA cu specializare in finanle, cu menfiune, iunie 2001

1988-1993

UNIVERSITATEA DE STAT DIN MOLDOVA, FACULTATEA DE

BOSTON

FIZICA

CHI$INAU

Diplomd de inginer-fizician, cu men(iune (nota medie 10.0), iunie 1993

Experienfa de
muncii

8/2001-prezent Activitatea financiar-bancariiqiinvesti{ionali

2014-prezent LOGOS ADVISORS,LLc,companie
Fondator ;i Partener PrinciPal
Investi{ii de tip "angel investing"

de investifii cu capital

qi private equrty

privat (private

equity)

MIAMI

in diverse active financiare, imobiliare, technologice, etc.

2007-2014 HOV CAPITAL, LLC, fond investi{ional cu capital

Partener Principal

privat

NEW YORK

LOIIDRA

Gestionarea investiliilor fondului in valoare de peste $500 milioane in companii financiare qi "business services"

cu peste 10,000 de angajali in SUA, Marea Britanie gi Asia. Administrarea operafional[ a fondului, inclusiv
oblinerea finan!5rii, alocarea capitalului, identificarea oportunitdlilor investi{ionale, investigarea/evaluarea
diligentd a companiilor (due diligence), structurarea gi executarea tranzac{iilor, gestionarea gi monetizarea
investiliilor, managementul relaliilor cu sponsori ftnanciari qi regulatorii de stat (FDiC, SEC, FSA).
NEW YORI(
2OOI-2007 MERRILL LYNCH
Director, Grupul de Investifii Globale Principale ,si Finan{5ri Structurate (7 /02-3107)
o Administrarea unui portofoliu investional al bincii Menill Lynch in mirime de peste $5 miliarde in

o
o

companii publice gi private qi produse financiare structurate prin intermediul investiliilor in capitalul social,
investilii la nivel mezanin, qi/sau prin oferirea creditelor securizate intranzactji complexe de gen "private
equlty" (inclusiv MBOuri / LBOuri, JVuri, etc.) gi/sau prin creditare directd;
Identificarea qi evaluarea atractivitdlii oportunitdlilor investilionale qi implicarea tn toate aspectele legate de
o tranzactje, inclusiv due diligence, structurarea, negocierea, executarea qi gestionarea relafiilor cu
partenerii investilionali gi regulatorii de stat (OCC qi SEC). Administrarea echipelor tranzac{ionale;
Tranzaclii exemplu includ: $1,5 miliarde JV (intreprindere mixtd) cu un emitent de carduri bancare;
investilie de $1,2 miliarde in certificate fiscale de stat; achizi{ionarea unui portofoliu de creanle auto in
mdrime de $1,0 miliard; investi{ie securizatd in marime de $1,0 miliard intr-o companie financiard ce oferd
credite on-line pentru procurarea de automobile; investilie in mdrime de $300 milioane de tip DIP (debtorin-posession) tntr-o companie financiard aflatd in insolvabilitate; achizilionarea unei companiei de tip
'business services" cu monetizarea ulterioard a investiliei ($147 milioane); achizilionarea in mlrime de $98
milioane a unei companii ce origineazd creanle de tip "time-share"; achizilionarea in marime de $90
milioane a unui portofoliu de active de tip "distressed" (cu riscuri sporite) compus din creanle comerciale gi
ale consumatorilor; investilie de $50 milioane in capitalul social gi la nivel mezanin intr-o companie
financiard start-up emitentd de carduri bancare pentru intreprinderi mici; $50 milioane JV pentru
achizilionarea portofoliilor de active financiare de tip "distressed".

Asociat, Fuziuni qi Achizi(ii (Mergers & Acquisitions) (8/01-7102)

c Analiza gi determinarea fezabilitdlii alternativelor strategice pentru o gamd largd de proiecte de achizilii gi
fuziuni, spin-ofluri, LBO-uri, IPO-uri, etc. in diverse sectoare ale economiei, inclusiv sectorul industrial,
energetic, de asigurdri, gi imobiliar;
o Due diligence financiar, contabil, de guvemare corporativd; analiza capacitdlii de creditare qi evaluarea
companiei in diferite scenarii operalionale (inclusiv de tip "distressed") Ei cu diferite structuri de capital;
o Analiza diferitor sectoare ale economiei in scopul oferirii consultanlei investiJionale;
c Tranzaclii exemplu includ achizilia unei companiei industriale ($300 milioane); restructurarea gi IPO-ul
unei companii de asigurdri in sectorul de proteclie a s[n[tdlii ($417 milioane).

7I.8I2OOO GOLDMAN

SACHS

NEW YORK

Stagiere in domeniul investiliilor bancare (Investment Banking )

lgg4-lggg

PRICEWATERHOUSECOOPERS

MOSCOVA, KIEV, CHI$INAU

Consultant Superior, Servicii de Consultan{i pentru Management

r
r

Servicii de consultanld pentru companii din sectorul gazo-petrolier, alimentar qi organizalii de stat din Rusia
Membru al echipei de management in proiectele de privatizare in masb din Republica Moldova qi Ucraina
(1994-1996). Acordarea asisten{ei la elaborarea qi implementarea legisla{iei respective. Dezvoltarea qi
gestionarea infrastructurii de privatizare ?n masd din Republica Moldova gi din diverse regiuni ale Ucrainei.

Certificare
Limbi vorbite

NASD Series 7 qi 63, New York, NY, SUA

Romdna (fluent), engleza (fluent), rusa (fluent)
Date personale Niscut ?n 197 | in Republica Moldova. Cdsdtorit, 3 copii. Premiant al campionatelor nafionale

la

judo gi sambo.

Motivation Letter

Selection Committee for the Position of

Governor of the National Bank of Moldova
162 Stefan Cel Mare Blvd.
Chisinau, MD-2073, Republic of Moldova
Tel: +373 (22)23-33-52
Via e-mail: guvernator.bnm@parlament.md

February 20,2016
Dear Members of the Selection Committee:

Thank you for providing the opportunity to apply for the position of Governor of the National
Bank of Moldova. As evidenced in the enclosed CV and supporting documents, I believe I can
significantly contribute both to the National Bank and to the banking industry of Moldova given
my background as a Wall Street executive and international investor, as well as my strong desire
to give back to Moldova in this difficult time with my knowledge and expertise in global finance
and banking.

After graduating from Harvard Business School in 2001, I spent the last 15 years working on
Wall Street initially as a banker at Merrill Lynch (now part of Bank of America), one of the
world's largest financial institutions, and then as an international investor deploying private
equity funds in financial service companies in North America, Europe and Asia. While at Menill
Lynch, I was fortunate to serve in many areas within the bank, including providing M&A advice
in Investment Banking Group; making commercial loans in the Capital Markets Division;
investing more than $5 billion of Menill Lynch's capital in financial services companies and
structured assets while a Director in Principal Investments & Structured Finance Group;
monetizing Menill Lynch's investments in public markets through Sales & Trading division; and
dealing with financial partners through Menill Lynch's Private Wealth Management Group.
Working across various service lines and with different financial products provided me with
unique hands-on experiences and valuable insights into Merrill Lynch's operations, namely:

how to set incentives and align interests to ensure that different groups within the
bank operate effectively;

how to determine capital and liquidity requirements, assess risks, value

assets,

raise and allocate capital;

how to conduct due diligence on potential clients or investment targets and how to
deal with investigation companies, including Kroll;

how to ensure regulatory compliance and how to work with government regulators
such as the Office of the Comptroller of the Currency (OCC), the regulator and
supervisor of all national banks in the US; the US's Securities and Exchange
Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC); as well
as the UK's Financial Services Authority (FSA) (currently, the Financial Conduct
Authority and the Prudential Regulation Authority).

Motivation Letter

Vadim Brinzan

Page

I of2

Motivation Letter

While working in New York and in London, I had the opportunity to be in the midst of and
learn valuable lessons from the two global financial crises: the 2001-2002 "technology bubble"
meltdown and the 2008-2009 Great Recession, when seemingly healthy global financial
institutions rapidly vanished and others had to be bailed out to stabilize the financial system.
Some of the major lessons leamed during these times relate to, among others:

the effects of monetary and fiscal policies, as well as of the actions taken by
Govemment authorities' in different countries to stabilize their financial systems and
restore trust to their banking sectors and financial markets;

in financial institutions' corporate governance to ensure more transparency

and accountability to stakeholders; avoid conflicts of interest and breach of trust
changes

situations;

.
.
.

changes in capital and reserve requirements to ensure financial stability;

changes in lending standards, reporting and disclosure requiremelts to improve the

quality of assets, reliability of funding sources, and cash flow visibility;
changes in banking industry compensation structure, corporate culture and work ethics

aimed at aligning short- and long-term interests and reducing the amount of unethical
behavior and fraud in the system.

All

these experiences could be directly applied to remediate the existing state of affairs

in

Moldova's banking sector, which is under a significant amount of stress caused not only by global
macroeconomic circumstances, but also by poor corporate governance, misalignment of interests,
corporate fraud, and inefficient oversight, among others.

If elected to the position of Governor, I am confident that both my work

experiences and

my macroeconomic analysis, financial and investment management skills acquired during all
these years, coupled with my management abilities, would allow me and my team to develop and
implement changes that would restore trust and bring stability to the banking system in Moldova.
Once again, thank you for your time and consideration. I look forward to hearing from you
soon.

Kind Regards.

Vadim Brinzan

Motivation Letter

Vadim Brinzan

Page 2 of 2

Valeriu CHITAN
Curriculum Vitae
Anul na;terii

1955.

STUDII gi INSTRUIRI:

Institutul Politehnic

din

chigindu, Facultatea

Economie.

specializarea FinanJe qi Credit (1976).

Post-universitare, masterat in Administrarea Afacerilor (Bled

School of Management, Slovenia, 2002).

Stagii de pregdtire la Institutul Economie qi Finan{e din sanktPetersburg (1980) qi la Institutul Fondului Monetar International
din Viena (1992-1996).

ACTIVITATE PROFESIONALA:
1976-1984 economist superior, qef inspecfie venituri,
cadrul autoritdlii raionale Finan{e Dondqeni.

;ef

e buget in

1984-1987 qef al autoritd{ii raionare Finante Donduqeni, membru I Comitetului

executiv raional.

1987-1991 gef sec{ie, $ef direclie, gef direcfie generald B

ministerului Finanfelor. in anii r98g-1990, ,.rpon*bil qi (

regionalismului
I

99

fi nanciar-bugetar gi descentr alizar ea finanf

l' I 994 viceministru,

in

cadrul
problemele

elor pubi ice.

prim-viceministru al Finanlelor.

1994-1998 ministru al Finan{elor, in mandatul respectiv fiind

pr

atebazele

sistemului fiscal-bugetar, institulionarizatd, trezoreria de stat.

lementate
standardele nalionale de contabilitate qi audit. in calitatea
pregedin
de
(din
oficiu)
;i
al consiliului creditorilor (1995-1998), am gestionat un proces a-ptu o, restructurare
economicd Ei redresare financiar-operafionald a sectorului real.

1998-2003 pregedinte al asocialiei Bdncilor din Moldova, s-au

legislative gi regulatorii privind consolidarea institutionalf, a sectorului

2003'2010 top-manager

in

grupul petrolier LUKOIL, pan6

administrat proiectul corporativ din Ungaria.

2006 am

2011 ffrezent) membru al cu{ii de conturi coordonarea misi ilor de audit

public extern in sectorul public, identificarea iregularitdlilor in ges unea fiscalbugetard qi economico-financiard; ini{ierea soluliilor de remediere a sldbiciunilor
institulionale intru realizarea schimbdrilor cu impact financiar, manageri
$i social in
activitatea in stituli

In

iI

or pub

Iic

e.

perioada exercitdrii funcJiilor ministeriale, concomitent.

guvernul in calitate de:

reprezentat

r9e4);

membru al consiliului de Administra{ie al Bdncii Nationale a M dovei (1992-

vlce-guvernator pentru R.Moldova in cadrul consiliului G

(ree2-ree$;

guvernator pentru R.Moldova

Mondiale (1994-1998).

in cadrul consiliului

Guvernat

ilor al FMI

lor al Bincii

Valeriu CHITAN
CURRICULUM VITAE

Year of birth 1955.

EDUCATIONAI BACKGROUND

state Polytechnic lnstitute of the Republic of Moldova, Faculty of Econ

Department of Finance and Credit (1976);
Postgraduate diploma, state University of Economics and Finance, saint
Russian Federation (1980);
Master's degree in Business Administration, school of Management, Bl
(2002l,;

tersburg,

, Slovenia

A series of training courses at the IMF Joint Vienna lnstitute, Austria.

WORK EXPERIENCE
1976

1984

Senior economist, head of Inspection of Revenues Section then head of

Budget Section, Department of Finances of the Dondusen District.

1984- 1987

Head of the Dondugeni District Financial authority and m

District's Executive Committee.

of the

- L99t

Head of Section, head of Department, then head of B

Ministry of Finance of the Republic of Moldova. Between

Division,
988 and 1990,
ic finances.

1987

I was in charge

of regionalization and decentralization of

t99L-

L994

Deputy Minister, then first Deputy Minister of Finance of

Moldova.

1998

Minister of Finance of the Republic of Moldova. Throug

played a leading role in building up country's fiscal and
institutionalizing state treasury, developing and imptem
and auditing standards.

L994

1998

2003

as President of the Moldovan Banks'Association, I prom

2003

2010

Top-manager in LUKOIL Oil Group. Until 2006, I was in

company's positioning on the distribution market in H

Republic of

this period,

systems,
ng accounting

numerous
legislative initiatives aimed at strengthening national bank g sector.

of the

since July

2011

Member of the court of Accounts of the Republic of

of coordination of external audit in the public sector,
irregularities in the management of public financial
define solution for mediating institutional issues, in order
financial, managerial and social activities in public age

During my ministerial assignments, I represented the Government

of the
Moldova in:

In charge

of
and assets,
rmprove

lic

The Administrative councir of the National Bank of the Republic

of

Moldova

{Le92-Leeal;

The IMF council of Governors, as vice-governor on behalf of the

Mofdova (L992-$9al;
The

world

Bank's council of Governors, as governor on behalf

Moldova (1994-1998).

of

blic of
e Republic

of

MOTIVATION TETTER

Selection Committee for the position

of Governor of the National Bank of Moldova
162 Stefan Cel Mare Btvd.
Chisinau, MD-207g, Republic of Moldova

Februory 22, 2026

Dear Members of the Selection Committee,
Please

find enclosed my cV in application for the position of Governor

of the National Bank of the

Republic of Moldova

believe that my career in a number of high-profile functions

in the national financial and
economic sectors of Moldova over the last three decades
make me a suitable canoioate ror irre
position of governor of the National Bank.
Understanding

the origins and impact of the current severe imbalances generated

by major crises,
especially in the banking sector, I stand ready to offer a
comprehensive Jgenoa of

,;.;;;;r;;;;;
o;;i;;
"i-*

efficient institutional restructuring and a real financial and'operation"r?.ou.rn

system.

My professional and managerial experience at national and transnational

levels
-of in the economic,
financial, and other areas does give me a broad vision and comprehension
public policies particularly monetary and fiscal policies and allow me to understand
and work on issues
u",t
micro- and macro- levels.
""
As a top-manager in

the Ministry of Finance of the Republic of Moldova (1991-1998) and member

(ex officio) of the National Bank's Council of Administration (1992-1994),
I provided support in
harmonizing national monetary policies during the transition to the market
economy, especially
during the introduction of the national currency, which was, indeed, a crucialrevent
in stabilizing
public finances. This culminated in curbing the devastating inflation the
country was facing at tha"t

time.

Another

of my relevant experiences

was the cooperation between the Moldovan

Banks'

Association and the National Bank in mitigating the regional crisis in the autumn
of 199g. lt is
worth mentioning that during that period, the national banking sector managed to effectively
contain external shocks due to the satisfactory capitalization level and judicious professional
management of the Bank.

My ministerial duties involved cooperation with international financial institutions, particularly

with the International Monetary Fund (lMF) and the World Bank (WB), since the accession
of
Moldova to these fora in L992. Due to the joint efforts of the public financial authorities
the
National Bank and the Ministry of Finance and fruitful cooperation with IMF and
WB during

1'994-1995, Moldova has reached a successful macro-financial

stability, showing

the best macro

indicators among the post-soviet countries. This achievement,
,,The
cited by
Economist,,
magazine, created favorable conditions for clearing domestic payments
arrears and allowed (in
May 1995) to launch the economic restructuring and financial recovery
of the public sector, which
is considered one of the most successful projects implemented
with the support of the wB so far.
As a result, national economy gained over L,5 billion
lei in credits debt recovqry. Ten enterprises
under restructuring benefited alone from 20 million USD in
FDls. Moreover, exports grew by zo%
and 400 new SMSs were created.
Despite current unprecedented situation in the banking sector,
I believe that the tools that were
used to combat previous crises can still be applied at present,
with some needed adjustment. In
this regard, I consider it extremely important to highlight some
of the required measures and
actions, such as:
Review and adjustment of legal and regulatory framework
for the cgnsolidation of the
banking supervision system; strengthening accountability, integrity
and transparency of
shareholders and ultimate beneficial owners, as well as
of-co.pol-ate rrnrg.*"na,
eliminating the risks of undue external interference, including thrqugh
legal means;
enforce incontestable collateral rights.

lmplement a plan for restructuring the banking system, identifying

urlhealthy banks and
their financial recovery, including by application of solvability assesFment
tools when
needed.

Strengthen regulatory powers of the National Bank, streamline

audit and supervision tools
of the banking sector by the regulatory authority.
Increase transparency and monitoring of large suspicious transactions.

Synchronize (in both ways) the monetary and credit policies with
the fiscal and budgetary
objectives in order to ensure macro-financial stability and sustainability.
This ,ili r,.rp
creating preconditions for reviving entrepreneurial environment in
the country.

Also, I strongly hope that a determination of the national parliament

will exist to support the
adjustment efforts of the legal and regulatory framework in order to
strengthen the National Bank
and the banking sector as a whole. This is one of the key preconditions
essential to a successful
implementation of such a large scale project, which lwould call "Resettittg
the regulatory
framework of the banking system and rebuilding the credibility of the regulatqr,,. I am ready and
I stay fully committed to such an important tark.
Thank you for considering my application.
Yours sincere-ly,

Valeriu

CHtflg-

VICTOR TIMOTIN
APTITUDINIDE

BAzA

.
.
.
.
.

Top manager cu o vaste experienta

in

domeniul finanfelor corporative, sectorul bancar (retail

banking), microfinanlare, pie[ele de capital, relaliile publice gi relaliile cu investitorii

Experientd solidd in domeniul dezvoltdrii strategiilor bancare, cu abilitSli critice de evaluare gi

implementare a solufiilor orientate spre rezultat
Viguros, cu abilitdli de comunicare gi capacitate de a gestiona rela[iile cu clienlii
Capacitatea de a conduce eficient multiple echipe intersectoriale

Performanta doveditd in dezvoltarea gi executarea tranzacliilor in domeniul M&A, investilii de

capital (equity investment), finanldri de tip mezzanine Ei structurate, precum gi a pielelor de capital

EXPERIENTA
PROFESIONAL

Principal, Consultanld StrategicS, 2015 - prezent

Functii cheie:
Consilierea top managementului 9i a consiliilor de administrare ale bdncilor comerciale clienli, privind
opliunile strategice de dezvoltare

Consultanli in domeniul operaliunilor de fuziune gi achizilie

$ef Piefe de Capital 9i Relalii cu Investitorii,

Membru Gomitetului pentru Finanle pe lingi Consiliu de Administrafie
Orient Express Bank, Moscova, Federalia Rusi, 2013 -2015
Functii cheie:

Atragerea de capital Ei imprumuturi, fuziuni gi achizilii

a portofoliilor de imprumuturi, cesiuni

si

restructurarea datoriilor
Strategii de dezvoltare PR; managementul relaliilor cu publicul gi mass media
Tranzactii semnifi cative:
Plasarea obligaliunilor subordonate in valoare de 4.5 miliarde RUB, anul 2013
Pf asarea obligaliunilor subordonate in valoare de 125 milioane dolari SUA, anul 2014
Cesiunea portofoliilor de imprumuturi valoare ciror depSgea 5 miliarde RUB , anii 2013 - 2014

.
.
.
.

Director, $ef Grup Institulii Financiare, Corporate Finance

UniCredit, Moscova, Federatia Rusd, 2007 -2013
Functii cheie:

Constituirea gi executarea tranzacliilor focusate pe atragerea de capital gi emiterea de obligaliuni,

achizilii, cesiuni gi restructurarea datoriilor
Consilierea clienlilor in domeniul strategiilor operalionale gi de retragere, precum gi a poziliondrii visd-vis de concurenli / parteneri
Marketing, structurarea gi negocierea tranzacliilor
Tranzactii semnifi cative:
Vdnzarea a 100% din acliuniin Bank Sofia (Federalia Rusd) c6tre ls Bank (Turcia), anul2010
Achizitionarea a 3OYo acliuni a unei companiei de microfinanlare din Federalia Rusd, anul 201 1
Prezentarea opiniei asupra corectitudinii fuziunii MICEX-RTS la bursd, anul 2011
Achizilionarea de cdtre un grup multinalional, lider in asigurdri, a companiei de asigurdri din top 20
de pe pia[a Federaliei Ruse
Vdnzarea participa[iilor minoritare in VSK, lider pe piala asigurdrilor din Federa[ia Rusd

.
.
.
'.
.

Ofiler Investilii, Global Financial Markets

International Finance Corporation, Washington DC, 2000

2007

Functii cheie:

Constituirea 9i executarea tranzacliilor de investilii de capital (equity investment), investilii de tip

credit 9i tranzaclii financiare structurate (revizuirea iniliald a tranzac[iei, due diligence aprofundat,
analiza portofoliului, pref 9i structurare, negocierea, finalizarea tranzacliel)
Tranzactii semnifi cative:
Investilii de capital in valoare de 100 milioane EUR Ei 100 milioane EUR imprumut cdtre Raiffeisen

.
.
.
.
.
.
.

International

Linia de credit pentru iMM in valoare de 5 milioane dolari SUA acordatd Victoria Bank, Republica
Moldova

lnvestilia de capital efectuatd intr-o bancd de top din Ucraina

Investifia de 630 milioane dolari SUA, finanlare de tip mezanin, finan(are structuratd cu FirstRand
holding din domeniul financiar-bancar din Africa de Sud

Tranzaclii cu creditele ipotecare in valoare de 100 milioane dolari SUA cu bdncile de top din
Federalia Rusd gi Rom6nia
Tranzaclii cu creanle subordonate in valoare de 100 milioane dolari SUA - BankMuscat, lider din
sectorul bancar din Oman
Investitii de capital in valoare de 15 milioane dolari SUA in Locko Bank, Moscova
Emiterea de obliga{iuni convertibile de cdtre Banca Transilvania, banca de top din RomAnia

Schimb

de acliuni comune in ProCredit Holding, o largd relea

multinalionalS

de bdnci

de

microfinanlare cu sediul in Germania

El.lEllE_itn .
.

ANTERIOARA

ofiter Finanle, CONSECO Finance, St. Paul, MN, 1999

Consultant, Agen{ia pentru Restructurarea intreprinderilor gi acordarea Asistenlei tehnice (ARIA),
Moldova, 1996-1997

STUDII

MBA, Finance, Carlson School of Management, University of Minnesota, 1999

GPA:3.8/4.0; Honors: Edmund S. Muskie Scholarship
BA, Economie, Academia de Studii Economice, Moldova 1996

COMPETENTE Rom6na, Rusa, Inglezd, Spaniola (basic)

LIMBI

PASIUNI

Yachting, motociclism, golf

VICTOR TIMOTIN
KEY

SKILLS .

.
.
.
'
RECENT

Seasoned top manager with a broad perspective in corporate finance, retail banking, microfinance,
capital markets, public & investor relations
Solid experience in developing banking strategy with ability to critically assess options and
implement result-focused solutions
High energy level, strong communication skills, outstanding capacity to manage client relationships
Proven ability to effectively lead multiple cross-product teams
Confirmed track record in origination and execution of transactions in M&A, private equity,
mezzanine & structured finance, and capital markets

Principal, Strategic Advisory, 2015 - present

EXPERIENCE Kevfunctions:

.
o

Advising top management and boards of directors of select commercial banks on strategic options
Mergers and acquisitions consulting

Head of Capital Markets and Investor Relations,

Member of the Finance Gommiftee at the Board of Directors
Orient Express Bank, Moscow, Russia, 2013 -2015
Key functions:
Equity & debt fundraising, mergers & acquisitions, loan portfolio acquisitions & divestitures, and
debt restructuring
PR strategy development; management of public relations and mass media channels
Select transactions:
Placement of a subordinated bond in the amount of RUB 4.5 bn,2013
Placement of a subordinated bond in the amount of $125 mn, 2014
Disposal of loan portfolios of over RUB 5 bn,2013-20'14

.
.
.
.
.

Director, Head of Financial Institutions Group, Corporate Finance

UniCredit, Moscow, Russia, 2007 - 2013
Key functions:
Origination and execution of transactions focusing on equity & debt fundraising, acquisitions,
divestitures, and debt restructuring
Advising clients on operational & exit strategy and positioning vis-d-vis competition/counterparties
Marketing, structuring, and negotiation of transactions
Select transactions:
Sale of 1OO% stake in Bank Sofia (Russia) to ls Bank (Turkey), 2010
Acquisition of a 30% stake in a Russian pay-day lender, 2011
Provision of a fairness opinion on MICEX-RTS merger of stock exchanges, 2011
Acquisition of a top 20 Russian insurer by a leading international insurance group
Sale of a minority stake in VSK, a leading Russian insurance company

.
'
.
.
.
.
.

Investment Officer. Global Financial Markets

I nternational Finance Corporation, Washington DC, 2000

- 2007
Kev functions:
Origination and execution of equity, debt, and structured finance transactions (initial deal review, indepth due diligence, portfolio analysis, pricing & structuring, negotiations, deal closing)
Select transactions:
100 mn equity and a 100 mn debt investment in Raiffeisen International
$5 mn SME credit line to Victoria Bank, Moldova
10o/o equity investment in a leading regional bank in Ukraine
Investment into a mezzanine tranche of a $630 mn structured finance transaction with FirstRand, a
diversified banking and insurance holding in South Africa
Mortgage-backed transactions of $100 mn to leading banks in Russia and Romania
$100 mn subordinated debt transaction to BankMuscat, a leading bank in Oman
$15 mn equity investment in Locko Bank, a Moscow-based bank
Subordinated convertible bond issued by Banca Transilvania, a leading regional bank in Romania
Common share swap in ProCredit Holding, a large German-based global network of microfinance
banks

.
.
.
.
.
.
.
.
.
.
ElllY
_ _ .
EXPERIENGE

EDUCATION

FinancialOfficer, CONSECO Finance, St. Paul, MN, 1999

Consultant, Agency for Restructuring and Enterprise Assistance, Moldova, 1990-1997

MBA, Finance, Carlson School of Management, University of Minnesota, 1999

GPA:3.8/4.0; Honors: Edmund S. Muskie Scholarship
BA, Economics, Academy of Economic Studies of Moldova, 1996

LANGUAGES Romanian, Russian,

HOBBIES

English, Spanish (basic)

Yachting, motorcycling, golf

VICTOR G. TIMOTIN

February 22,2Ot6

ATTN: Parliamentary Selection Commission

Open Contest for the position of
Governor of the National Bank of Moldova

Dear Parliamentary Selection Commission,

writing to you in response to the open contest with a request to kindly consider my candidacy for
the Governor of the National Bank of Moldova. The below describes my reasons for applying,
I am

supporting my firm belief that the skills & experience, motivation and vision that I bring to the table
make me a perfect fit for this position.
My career in banking and finance spans 17-odd years, split almost evenly between working for

International Finance Organization (lFC) in Washington

DC and

running operations in commercial and

investment banks, both European and local, in Moscow. Over this course, I dived deep in what it means
to be an investor in a financial institution, to advise on buying or selling one, devise and deploy
operational and M&A strategy, run public relations and, finally, attract capital and funding from the
markets and investors in general. l've done it working on the outside, inside and along various financial
institutions and their stakeholders. lmportantly, I hold a first-hand global perspective of development
Fls, such as IFC and the World Bank, having spent a solid part of my career working in one. l've gone full
circle, if you will, and my grasp on banks and insurance companies, especially in our part of the world, is
as solid and hands-on as it can get. This experience allows me to run an effective organization, spotting
issues and resolving them before they turn into impassable quagmires: my resume, the track record and
the recommendations attest to that.
We all agree that we live in an increasingly volatile world, where tectonic shifts in major central banks'
policies and use of untested theories & instruments do not always produce the needed economic

growth. Many argue that such moves work in the opposite direction of the intended outcomes, and so
the turbulence an uncertainty remain unabated. This background compounds the internal issues
Moldova is facing. The country needs urgent action on all of the monetary, fiscal and economic
development fronts and these much needed reforms have to work in an ensemble. In this regard, the
National Bank of Moldova, a key element and an active participant in these reforms, must have in place
a coherent view and a team to execute it. Some of the urgent initiatives are:

1.

Clean up the local banking landscape by implementing strong prudential oversight, both on the

2.

Continue integration efforts with the international financial markets, both on the regulatory
compliance and business side, in order to open up private funding channels and lower the

regulation and execution levels, to minimize systemic banking risks;

funding cost;

3. Secure facilities from international developmentalorganizations

and IMF to protect against

possible global volatility in exchange rates and monetary supply;

4.

Carefully craft monetary policy for the coming years, including back-up scenarios, taking into
account global turbulence, the Moldova's economic growth objectives and internal inflationary
pressures;

5.

Emplace transparency in the National Bank's operations and establish the feedback loop with

the public in general.

These actions taken together will do much good for the stability of the Moldovan financial system. lt will

also restore public trust and bring individuals and legal entities back into the system from the shades.
Executing this vision calls for a strong leadership and a sober, well-rounded, top-down/bottom-up
perspective, all of which I can deliver and put at the disposal of Moldova.
To conclude, l'd like to stress that my sole interest is to put my experience and vision to work for the

greater good of the Moldovan public. While I remain impartial and unbiased vis-d-vis different political
agendas, I am certain, that working constructively with legislative^ executive and judiciary branches of
power we can achieve these goals and carry Moldova into the new millennium properly, as it should
have been done years ago.
Dear Commission, it is an honor and a great opportunity

to be considered for such an important post in

my home country. I thank you for your consideration and look forward to hearing from you.

Truly yours,

Victor Timotin

Vunrun MuxrnlNu
EDUCATIoN

200+5 Harvard university, USA; Edward s. Mason Fellow in public policy and
Degree, MPA. Main course worh: macroeconomics, intemational capital markets and fina
international trade and finance.
1998 Georgetown University SUA; Pew Economic Freedom Fellows Program; economic
policy analysis in transition economies.

;Masters
al policies,

velopment and

1992-93 Center for International Banking Studies; Istanbul; financial markets and
1985-92 Moldovan Academy for Economic Studies, Economics Department; Diploma in
and finance.

; banking

PROFESSIONAL EXPERIENCE

2014-present IMX'Long-Term Advisor in monetary and foreign exchange operations,

Sudan (BSS), Juba
HelP BSS build institutional setting for the development of monetary and foreign exc

k of South
operations and

markets.

Provide advice on creation of monetary policy instruments, including standing facilities

conduct

monetary operations.
Develop the liquidity management framework.
Help harmonizing BSS activities in the foreign exchange market with monetary

and through that

with macroeconomic fundamentals.

Conduct capacity building activities and train BSS staffin areas of monetary and foreign

of

operations.

2012-14 Consultant/partner at MEGA-International Consultants, US/lVloldova

o Taught a Financial Stability course for Masters Program at the Intemational Institute of
o Conducted macroeconomic and financial sector analysis on some Southeast European c
provided advice to a broad range of institutions on IMF and World Bank (WB) country
Provided direction and leadership to multidisciplinary consultants in regard to
broad range ofprojects, or project components.
Head of Corporate Finance - Ascom JSC. (February - September 20i4)

nce programs.

ic aspects of a

2009-11 Senior Economist at the European Department of the International Monetary

. 2010 Article IV consultation with Malta. Led financial sector analysis, including institut I and systemic
risk assessments. Provided policy recommendations to financial institutions, the central
and the
Financial Sector Services Authoritv.
2010 Article IV consultation with Aruba. Conducted real and extemal sector analysis,
projections
and policy recommendations for the central bank and the govemment. Developed the
roeconomtc

o
o
o

framework and conducted exchange rate assessments.

Senior Country Desk for Kosovo. Conducted analysis and prepared projections and
recommendations
on monetar;r and financial sectors; real and extemal sectors; and developed the
ic framework.
Participated in the Fund staff s negotiations regarding membership in the IMF and the fi IMF Stand-By
Arrangement (SBA).
Coordinated IMF technical assistance (TA), and contributed to the preparation of new le slation for the
central bank and financial institutions.
Responsible for liaising with the WI|, EBRD, {.IN, and EU institutions. Provided
on WII country
assistance strategy and other documents.

200il)TAdvisor to the IMF Executive Director for Armenia, Bosnia & Herzegovina,
croatia, cyprus, rsrael, Macedoniao Moldova, Montenegro, Romania, ukraine,
and
countnes.

'

o
r
o

;s;;;;;;;";i""

lgaria, Georgia,
Netherlands
the constituency

Facilitated economic policy dialogue, helped prepare and negotiate an pRGF

Arrangem
with Moldova
and an SBA with Macedonia. Participated in program revieis, Article IV consultati|ns
TA missions,
and facilitated extensive donor support.
Conhibuted to the strategy for nonbank financial sector development in Moldova.
tnitiat{d discussions with
donors and the WB securing technical and financial support for strategy i.pf"-"ni"ti"r]
Assisted the National Bank of Moldova to launch preparations for the transition
to inflJbn tarsetins.
Liaised with International Financial Institutions on debt management and
arrears .t.ur*{. ,t u|ffi'ro,
Macedonia and Moldova prior to debt restructuring through tG p*i, clrrb.
Drafted analytical notes and reviews for Executive Board discussions on Article
IV consrhltations.
---i------*' pRGF.
^ ^rvHIPC completion point reports, and sBAs for a broad range of countries.

NanoNlr, Bwx or MoLDovA (NBM)

1997-2000 Director of the Foreign Exchange operations and Foreign Relations
Depart4rent
Member of the Monetary Policy Committee deciding on monetary and foreign
exchange folicies;
made recommendations on liquidity management, and on foreign exch*g" iirt"*"ntio;;.f

o
o
'
o
o
o

Prepared and presented foreign exchange regulations forBoard approval.

Responsible for reseryes management - decided on NBM's investment and risk managerfient
stratesv.
During the 1998 financial crisis contributed, ad-hoc adjustrnents to monetary and foreilr
fxcfrange iofi"i"r,
and prudential regulations.

hepared and implemented Moldova's change to a floating exchange rate regime.

Monitored implementation of the Partnership and Cooperation Agreement with the EU.
QoordinatedNBM,s
collaboration withthe WE|, IMF, EBRD, WTO.
Participated in negotiations on trade and financial sectors of Moldova's WTO accession. Member on the
Moldova-EU Cooperation Committee, CIS Monetary Committee. Served as Alternate Glvernor of Moldova
at the World Bank-

199G97 Deputy Director of the Foreign Exchange Operations and Foreign Relations D(partment
Created the Interbank Foreign Exchange (FX) Committee; drafted the Agreement on the
lnterbank FX
Market, as well as the Code-of-Conduct for FX dealers.
Prepared analytical notes for the Monetary Policy Committee on FX and financial markefs, and coordinated
FX interventions.
Led the restructuring of the Reserves Management Division in line with intemational stai"idards; set up front,
middle and back offrces, and drafted functional responsibilities.

o
o
o
o
.

Established the NBM's Investment Committee and drafted investment guidelines. Impler{rented
benchmarking and risk management.
Negotiated asset management and loan agreements with Commerzbank UBS, SBC, anO OtCtU AC.

1992-96 Deputy Head, Foreign Relations Division/Head of Foreign Exchange Operat

Played a key role in setting up and developing the FX market upon the introduction of
national curency
in 1993. Drafted the preliminary FX regulations and the Interbank FX Operations Rules;
lyzed interbank
FX market and conducted central bank FX interventions.
Introduced regulations to liberalize the FX and trade regimes in compliance with the obli
under the
IMF Articles of Agreement.

OrnennxTERTENCE

20034First secretary at the Embassy of Moldova in washington, D.c.

r Served as liaison with the IMF, wr|, u.S. Treasury, and Millennium challenge corp

Advised the authorities on IMF and WB country programs and negotiated four Inves

(MCC).
and TA projects.

Helped set up the Moldovan-American Joint Taskforce

committee for Economic cooperation; monitored
Moldova's compliance with qualification criteria for MCC
financing.

TIm WoRLo BaNr (WB)

200H)2 Advisor to the Executive Director for Armenia, Bosnia & Herzegovina,
Bulgaria, Georgia,
croatia, cyprus, rsraer, Macedonia, Moldova, Romania, ukraine,
and the Netherlands
o Provided advice to the Executive Director on wB programs in East European
and central Asian countries
(ECA), monitored economic developments in the regi6n.
Advised the Moldovan govemment on economic poii.i.r,
' participation
MTEF, debt sustainability srategy, and wr!,s
in regional initiatives (Stability Pact'for Souih Eastern Europe;
o Initiated and facilitated negotiations with donors on TA and financial supportCIS-7 Initiative).
o Prepared comments for the Executive Board discussions on country assistancefor Moldova.
strategies, structural
adjustment and investment projects, Treasury Reserves Advisory program,
and AML/CFT.
' Prepared country briefs and analytical reports on Moldova, Macedonia, and Romania.

20034 rDA Borrowers'Representative for Europe and Central Asia (IDA

o
r
o

14 replenishment)

Provided advice to ECA governments on IDA's new country

Policy and InstitutiJnal Assessment Ratings,
resource mobilization and extemal debt sustainability requirements.
Liaised with ECA borrowers on reaching a common stance on IDA
matters, drafted and presented joint

statements for IDA Deputies' meetings.

Conducted consultations with donors, IDA management, and borrowers'
representatives for other regions.
lnitiated and developed, in cooperation with the Swiss, Dutch, and Italian
Executive Directors, offices the
framework for ECA borrowers' consultations and participation in the IDA
replenishment process.

PUBLIcATIoNS

o
o
o

2010 reports on Article IV consultation with Aruba and Malta on sections

on real and financial sectors.
Working Paper "Use of Foreign Exchange Swaps for Monetary Sterilization purposes,,author,
199g.
Annual Reports of the National Bank of Moldova for 7996-9, co-author on
chapter on foreign exchange
policies and reserves management.

LANGUAGES

Romanian (native); English (fluent); Russian (fluent), Bulgarian (basic).

PrnsoNnr, INF.oRMATIoN
BonN: 1968; MARITAL STATUS: MARPJED - oNE cHrLD;
BRIGADE, KALININGRAD REGIoN, CURRENTLY RUSSIA.

OruBn: 1987-89 5ERVED

rN

rHE 37 AssAULr pARArRoops

CoURSES

Macroeconomic Modeling and Forecasting Using EViews (IMF)

Financial Programming and policies (IMF)
Macro-Finance Linkages between lnterest Rates (IMf;
Risk Management and Bank Regulations (IMF)
Exchange Rate Regimes (IMF)
Fiscal Policy and Macroeconomics (IMF)
Speculative Attacks and Government Finance (II\m)
Intemational Trade and Business Cycles (tMF)
Central Bank Strategy, Credibility and Independence
Q.{ational Bank of Switzerland)
capital Flows to Emerging Markets and Development strategies
Monetary Policy and Introduction of Euro (De Nederlanoschi gank)
Currency Choice, Workshop for External Loans (WB)
Inter-Regional Debt Management Workshop (I_INDp, Geneva)
Portfolio Management and Benchmarking (commerzbank, Frankfurt)
Portfolio Management conference (swiss Bank corporation, zurichj
Central Bank Operations (Banca D'Italiao Rome)

\esgryes management and foreign exchange policies (Banque de France, paris)

capital Markets and Investment Strategy
Brotheri, London)

llehman

Cover Letter

February 22,2016
Dear Members of the Selection Committee:

This cover letter is in support of my application for the position of Governor of the National
Bank of Moldova.

I believe that my extensive

experience (over 20 years) in central banking, macroeconomic and

financial sector analysis, institutional building and monetary and Forefn Exchange markets
development makes me well-suited for the position. In addition, I have a good understanding of
the challenges faced by the Moldovan banking sector. My practical experiince (both on the iide
of the central bank and from the IMF position) in design and implementation of IMF and World
Bank supported programs aimed at strengthening central banks regulatory capacity and
fostering financial sector development make me well prepared for this porition. I wifput io best
use my experience gained through my work as a central bank official, in different capacities at
the IMF, World Bank, and in the private sector. Furthermore, I have in-depth knowledge of
central bank operational activity and contributed to policy decisions at the National Bank of
Moldova in the wake of the 1998 financial crisis. This coupled with my work on financial sector
assessment and policy advice to various central banks and supervisory authorities from both,
systemic risks and macro-prudential perspective during the recent global financial crisis, and my
current activity in the monetary and exchange rate operations in an environment severely
affected by the fal1 in commodity prices would be indispensable in the central bank activity ani
in overcoming the current situation in the Moldovan banking sector. However, this wouid be
attainable only provided that true independence of the National Bank is ensured and the
relevant public institutions do their part on the legislative and judicial fronts.

Currently, both tiers of the Moldovan banking system are in a deep reputational and financial
distress, which in combination with the political uncertainty and the spillovers from the regional
crisis have a severe adverse effect on the national economy, public finances, and ultimately on
the wellbeing of the population.

To overcome this state of affairs in the banking sector, to reinstate its stability and credibility it
requires a mix of bold and decisive actions by the central bank and all relevant public
institutions. Those actions are. but not limited to:

The approval and implementation of the necessary set of legislation which will
underpin NBM independence and eliminate legal bottlenecks that hinder its ability to
ensure banks shareholding and operational transparency, to enforce accountability and
sound corporate governance in the sector.
Continue the restructuring of the NBM into a more lenient and effective institution.
Strenghen NBM analytical and regulatory capacity.

Improve NBM transparency and consistency in its communication with the market and
public.

While it is critical for Moldova at this juncture to expeditiously engage International Financial
Institutions and development partners for support in putting the banking sector on a sound basis,
first of all it requires political will to address the core of the problems in the sector. Also, the
central bank team needs a good vision and understanding of inter-linkages between the real
economy, financial sector, and macroeconomic and fiscal policies in order to ensure that the
feed-back loops between different sectors do not exacerbate the existing problems. I believe that
I have sufficient knowledge and experience to lead the National Bank toward achievins the
above mentions objectives.

To this effect, if appointed as governor of the National Bank of Moldova I will work forcefully
with all stakeholders on the following priorities:

Promoting and implementing the required legislation. At the same time, the central bank
will make e]/ery effort to help the banks in going through the inevitable forthcoming
major transformation by strengthening corporate governance, risk management, know
your client and antifraud practices.

In the context of its inflation targeting objective improving transparency and consistency
of the NBM messages is uitical for market's and public expectations building. This
requires profound understanding of economic and financial processes, inter-linkages
between all sectors of the national economy, and continued efforts to improve monetary
transmission mechanisms.

If not existent, will

set and develop a "Conduct of Business" unit, which will ensure

protection of the bank customers against misleading and predatory practices. This is
particularly important in the context of the ongoing consolidation in the banking sector.

Initiate a review of central bank structure and operational activity to streamline the
internal procedures, eliminate shortcomings and strengthen its key subdivisions. This
will also include a review of the banks retains reports to the cenhal bank and if
warranted will take actions to ease the reporting burden on the banks.
Continue NBM efforts in harmonizing local banking legislation with that of the EU,
implementing Basel prudential standards, and other intemational best practices related to
financial sector.

Will build on existing development capacity efforts, but with a focus on supervision,
macro-prudential and systemic risks analysis. In this context, will attract qualified
extemal candidates, will seek support from leading central banks in staff training, and
will initiate discussions with top universities and development partners to provide to
talented NBM staff financial support for post-graduate studies in economics and
finance. Personal integrity and qualification shall become key criteria for staff
promotions.

Finally, tlroughout my professional career and studies, I have developed an

among top leadership in Intemational Financial Institutions, centrals
banks,
financial sector around the world, and will draw on those relations for support
objectives of reinstating the credibility in the central bank and banking rirto
BNM govemor.
Sincerely,

Vladimir Munteanu

network
:nts and
n achieving my
if appointed as