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Romanian Govt To Encourage Romanian Investors In CEC Sale – PM

The Romanian government will approach the sale of Romania’s savings bank CEC from a different perspective, to encourage Romanian investors as well, Prime Minister Calin Tariceanu told a news conference Tuesday.
Romanian Govt To Encourage Romanian Investors In CEC Sale – PM
18 mart. 2008, 14:31, English

Tariceanu also said the CEC sale was halted in 2006 to allow farmers to access European funds. State-owned CEC is the only bank in Romania’s with units opened in remote rural areas. Also, the bids received were deemed too low and the government put the privatization on hold.

The sale was halted in December 2006, after the National Bank of Greece offered EUR500 million for the bank, which the government said was too little.

At that time, authorities said the bank would be restructured and privatization would be suspended for at least two years. However, a government document presented in July 2007 by MEDIAFAX, indicated the savings bank would remain in state hands for at least another four years, and a decision regarding the sale would be made after 2011.