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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

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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.

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Frantei
Fost Presedinte al BERD

Membru al asociatiei Croup

of Thirty, Washingon
fean lemierre

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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

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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

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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).

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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.

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Analiza lichiditatilor, stabilitatii financiare si rezistentei sistemelor bancare.

Competente profesionale:

Experienta profesionala:

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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:

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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:

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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
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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:

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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:

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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:

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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:

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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

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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

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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:

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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:

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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:

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Romanian (mother tongue)


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

Computer literate:

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Selected deals:

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communication
Experience in dealing with
international financial
institutions

Specialised banking

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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:

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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:

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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