EBRD could become a CEC Bank shareholder

"As concerns negotiations, one never knows when these will end, but we hope to have something by the end of the year. I cannot say at the moment if EBRD will become a shareholder or if we are talking about some other form of collaboration,” according to a declaration for Business Standard by Radu Gratian Ghetea, CEC Bank President. 

CEC Bank was subject to two privatization processes, both of which failed due to low offers made by international institutions. Varujan Vosganian, Minister of Economy and Finance, said the state plans to list CEC Bank on the Bucharest Stock Exchange, although this will not happen in 2008. 

The rebranding process of CEC Bank, one of Romania’s top ten banks in terms of assets, cost €50.56 million in 2008, and its objectives include an increase in its market share to 6 percent to 2011, and improved attractiveness of the bank for potential investors.