The privatization of the Romanian Savings House (CEC) will continue with the application of a similar procedure to that used in the privatization of the Romanian Commercial Bank (BCR), the Government announced on Wednesday. The sale of 69.9% of CEC to a strategic investor will be done in three stages.

In a first stage – already over – non-binding offers have been submitted by interested banks, according to Government spokeswoman Oana Marinescu. She said the next stage will involve the submission of binding offers, while in a third phase the improved binding offers of the first placed participants will be considered.

The Finance Ministry also presented a note on the strategy of CEC privatization on Thursday and said it would present a legislative measure in this regard in the coming period.

Six banks have expressed interest in the takeover of CEC – the National Bank of Greece, Monte dei Paschi di Siena, Dexia Bank, EFG Eurobank, OTP Bank and Raiffeisen.