The Finance Ministry has dismissed the management of the Romanian Savings House (CEC) where it holds a majority stake and named Radu Gratian Ghetea as the new head of he bank, Romanian news agency NewsIn reports. Ghetea confirmed for today that he was named CEC president.

But Eugen Radulescu, his predecessor, said the Economy Ministry provided no argument for its decision to remove the management of the company.

“It is the right of the [majority] shareholder to decide who defends his interests best. This wouldn’t have happened on the private banking market”, Radulescu said.

CEC-vicepresidents Vasile Ifrim and Gabriela Tudor were also dismissed, according to a decision by the shareholders’ board on Friday.

Economy minister Varujan Vosganian is quoted by NewsIn as saying that the change is aimed at helping the Ministry in achieving its objectives related to CEC, of strengthening the bank’s position on the market and assuring more efficiency.

Eugen Radulescu had been named CEC president in march 2005, replacing Enache Jiru.