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Romanian Saving Bk CEC Changes Name To CEC Bank

Romania’s last remaining state-owned savings bank Casa de Economii si Consemnatiuni, or CEC, changed its name to CEC Bank, part of its reorganization process, the bank said Tuesday.
Romanian Saving Bk CEC Changes Name To CEC Bank
06 mai 2008, 10:51, English

CEC Bank will invest some 45 million lei (EUR1=RON 3.6323) in the reorganization and facelift of 600 units.

The bank plans to reorganize entirely all its units by 2010.

CEC Bank will also invest EUR5.56 million in promoting a new image and products.

CEC reported assets of RON10.86 billion end 2007.

In December 2006, the government canceled its planned privatization of CEC because of a lower-than-expected offer from the final bidder, the National Bank of Greece (ETE.AT).

A decision to resume privatization procedures and build the sale strategy will be made after 2011, longer than previously announced, to regain its high ground on the domestic market, an Economy and Finance Ministry report said early July 2007.

The Economy and Finance Ministry together with CEC’s management aim to keep to a minimum any negative effects of the restructuring process of the bank and plan to increase its efficiency.

CEC, known as "the people’s bank" under the communist regime, has 1,400 branches, including in remote rural locations, forming the country’s biggest bank network.