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CEC privatization halted

Vineri, 22 decembrie 2006, 0:00

The Privatization Commission formed for CEC, the largest popular state-owned bank in Romania, suggested on Friday the ceasing of the bank's privatization process, after the Hungarian OTP withdrawn from the bid and the National Bank of Greece (NBG) offered some 560 million euros, the Finance Minister, Sebastian Vladescu, announced.

"The price they offered was around 560 million euros, for 69.9% of the shares. It's a lit less than we expected. The privatization process won't be re-opened during the next two years", said Vladescu.

CEC is the largest bank in Romania, not as much in capital, but in the penetration rate, owning offices in all Romania, down to the smallest villages. New capital and new board are expected for CEC in the following months.

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