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Govt approves CEC privatization

Miercuri, 13 decembrie 2006, 0:00

The privatization contract for the largest Romanian bank, CEC, was approved on Wednesday in the governmental session. After today’s approval, the two investors still in race, OTP and the National Bank of Greece, will be invited to present their improved offerings.

The winner will be announced between December 20 and 22nd and the privatization contract will be made public at the same time it is signed, Finance Minister Sebastian Vladescu said.

According to prime minister Tariceanu, the final step in the privatization will be a law draft, as it was the case with the Romanian Commercial Bank. The state sells 69.9% of the shares, including the 9.9% held by the “Property Fund”, designed to pay compensations for those who lost their wealth because of communist abuses.

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