EBRD Might Invest In Romania’s CEC

The European Bank for Reconstruction and Development, or EBRD, does not exclude the possibility of investing in Romania’s savings bank Casa de Economii si Consemnatiuni, or CEC, said Thursday during a press conference, the institution’s president Jean Lemierre.

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EBRD May Consider Investing In Romania’s CEC

“It is up to the Government to make decisions. CEC is a very important asset with a great network of branches all over the country,” said Lemierre.

The official talked with government representatives regarding the privatization of CEC, the strategy and business plan to be applied with respect to the institution.

The official said the EBRD “shall consider the potential option for CEC.”

The Romanian state, through the ministry of economy and finance, is CEC’s sole shareholder.

CEC’s sale process was halted in December 2006 as the Romanian state received only one bid from the National Bank of Greece, which offered EUR560 million to buy CEC. Romania rejected the bid saying it was too low.

CEC is one of Romania’s top ten banks by assets.

In 2007, the ministry of economy and finance drew up a document according to which CEC will remain a state-owned company at least for the next four years. The privatization process for CEC may be resumed in 2011.

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