The Romanian Savings House (CEC) has been growing steadily after a period of going backwards fast, CEC president Eugen Radulescu said at a conference on Tuesday. According to Radulescu, while CEC was seventh among Romanian banks with a 4.4% share of total banking assets in the country by December 31, 2005, It has now grown to the fifth place and it is eyeing a top 3 position.

Radulescu made the statement at the “Banking on Romania” conference organized by Financial Times and The Banker in Bucharest today.

He said the perspectives of growth were based on the privatization process CEC is preparing for and were encouraged by a restructuring process launched in 2005, which boosted operations at the expense of personnel.

According to the CEC president, the value of delivered credits grew by 400% in the period, ten times faster than the 40% average on the Romanian banking market.