Page 155 - SE Outlook Regions 2023

investors and attract foreign capital to the country. Maib is on its way to
achieving a long-term ROE target of 20%,” said Vytautas Plunksnis,
chairman of the board of directors of maib.

He said he expects fast growth of the underbanked Moldovan market
combined with dividend payments of 35-50% of the net profit, which
would attract investors to the leader of the Moldovan banking industry.
Maib has a 36.3% market share by assets.

The main shareholders of maib are the European Bank for
Reconstruction and Development (EBRD) and Dealbeata Investments,
who own 41% of the bank’s shares (48% of the voting rights) indirectly
through HEIM Partners Limited (UK)

5.7 Markets - Montenegro

Montenegro’s stock exchange is small and not well developed. Its
market capitalisation was €3.34bn at the end of October, while the
turnover stood at €1.2mn. As in previous years, in 2023 the bourse is
not expected to develop significantly due to the small market in the
country of around 620,000 people.

5.8 Markets - North Macedonia

The focus of the Macedonian Stock Exchange (MSE) in the next period
will be to further develop the bourse to become comparable to the
modern and well organised secondary securities markets to attract not
only domestic, but also foreign investors.

Regarding the image of the Macedonian Stock Exchange, a survey
presented in November 2022 showed that respondents gave a high
average rating for the professionalism and seriousness of the
institution, that it achieves good cooperation with other financial
institutions in the country and that it can be one of the leading
institutions for dynamisation and further development of the capital
market.

The survey showed there is a negative trend among Macedonian
companies when it comes to transition to joint stock companies. The
biggest reason for the uncertainty is the lack of information among the
management, or the fear of negative consequences

Regarding securities issues, most of the companies surveyed were
afraid of the risks they carry, so they don't even think about issuing
them.

Established in 1995, the MSE became a full member of the Federation
of Eurasian Stock Exchanges (FEAS) at the end of October 2022. The

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