Romania: National Savings Bank Consolidates Position On Domestic Banking Market

27. Juni 2006, 00:00

The Romanian Savings House (CEC) president Eugen Radulescu said at a conference on Tuesday, June 27 that the...

The Romanian Savings House (CEC) president Eugen Radulescu said at a conference on Tuesday, June 27 that the bank ranks today in the third position in the Romanian banking market, as against the sevenths position a year ago.

Radulescu made the statement at the “Banking on Romania” conference organised 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 per cent in the period, ten times faster than the 40 per cent average on the Romanian banking market.

CEC is currently undergoing a privatisation process with five investors racing for its takeover: Raiffeisen, the National Bank of Greece, Dexia Bank, EFG Eurobank and OTP Bank

Monte dei Paschi di Siena bank withdrew on Tuesday, June 27 its tender, the chairman of the Italian financial institution Giuseppe Mussari announced according to Romanian news agencies, quoting Reuters.

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