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National Bank of Greece targets both CEC and Serbian Bank

Marţi, 11 iulie 2006, 0:00

National Bank of Greece, the biggest Greek bank in term of assets value, plans to buy both the Romanian Savings House (CEC) and Serbia's fifth largest bank, Vojvodanska Banka, according to Forbes.
The Serbian bank has a 175 -unit network and assets valued at 460 million Euros.

The Greek National Bank seems to be the only bidder so far for the Serbian bank and intends to offer 410 million Euros for 99.4% stake in the bank.

The submission of bids for a 69.9 % stake in Romania's CEC ends on July 17. So far, the banks that have shown interest are the Greek National Bank, Greek Eurobank, Hungary's OTP, and Austria's Raiffeisen. The French - Belgian group Dexia has just withdrawn from the process.

The Forbes analysts forecast that the Romanian state is hoping to privatize the CEC for 600 - 650 million Euros.

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