Romanian Finace Minister expects irresitible offer for CEC

6. Juli 2006, 00:00

Romanian Minister of Public Finance Sebastian Vladescu thinks the privatization of the National Savings Bank (CEC)...

Romanian Minister of Public Finance Sebastian Vladescu thinks the privatization of the National Savings Bank (CEC) will continue according to schedule, and "an irresistible" takeover bid is foreseeable. Vladescu, who is also the head of the credit institutions privatization commission.

"The strategy includes a provision that specifies we have the possibility to stop at any moment the privatization process, a clause also included in the BCR strategy, where we did not receive an irresistible offer, but an unimaginable one. If we expect an irresistible offer for CEC, it means that we are realistic," Vladescu said.

Romania plans to sell 69.9 per cent of CECs shares to an international bank or a consortium comprising at least one financial-banking institution.

The list of bidders for CEC privatization includes the National Bank of Greece, Dexia Bank, EFG Eurobank, OTP Bank and Raiffeisen, after Italian bank Monte dei Paschi di Siena recently announced it had withdrawn its offer.

Offers of commitment may be submitted by July 17, and the finalists will be compelled to submit improved offers by mid-August. The winner of the bidding should be announced in September.

Experts estimate CECs value at around EUR 1 billion.
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