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Romanian PM Tariceanu: Government to encourage Romanian companies to take part in CEC privatization

de A.C.
Marţi, 18 martie 2008, 17:22 English | Business

Romanian PM Calin Popescu Tariceanu declared on Tuesday that his government would encourage the participation of Romanian companies in the privatization of the Romanian Savings House - CEC, Romania's oldest bank. Tariceanu added that since the institution was far from protected of market fluctuations and because authorities did not receive tempting offers, CEC would be transformed in a banking institution used for accessing and distributing European funds.

Tariceanu declared that CEC would play an important role in European fund accession strategies for agriculture in the upcoming years due to the branches it holds all over the country. PM Tariceanu said that when the privatization process would be re-launched, Romanian companies would be encouraged to take part.

According to recent statements by CEC head Radu Gratian Ghetea, the banking institution intends to offer 20% of loans for rural areas by 2020 as, until now, the bank offered just 12% of the rural loans.

CEC's privatization was stopped in December 2006 after the only financial offer made by National Bank of Greece was considered too low compared to expectations. The Greeks offered 560 million euro for 69.9% of CEC shares.

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