The European Bank for Reconstruction and Development (EBRD) said on Monday that it seeks to increase its stake in Victoriabank.

The motion has been spurred by a court order that suspended the Moldovan bank's supervisory board. It is considered the third-largest lending institution in the country. The EBRD has received regulatory permission to increase its shares in the bank up to 50 percent. The exact amount that the EBRD will pursue has not been decided.

“We are aiming for a significantly larger stake in Victoriabank, which will enable us to restore corporate governance at this systemically important Moldovan bank and to preserve its independent, professional and commercially successful operations,” Henry Russell, EBRD Director for Moldova, Belarus Ukraine and the western Balkans, said.

The EBRD has said it will work closely with the Moldovan government and regulators so that reputable investors are given partial ownership of banks within the country.