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EBRD might become shareholder of CEC Bank

The European Bank for Reconstruction and Development (EBRD) might decide, by the end of the year, on becoming a shareholder of the state-owned CEC Bank or whether the partnership between the two institutions will involve lending.

'When it comes to negotiations, one might never know when they are concluded. Nevertheless, we hope we will forge this partnership by the end of the year. I cannot say now whether it will be about the EBRD becoming a shareholder or about some other form of cooperation,' CEC Bank chairman Radu Gratian Ghetea told the Business Standard daily on Monday. The EBRD's possible joining the CEC Bank shareholders reminded analysts of the case of the Romanian Commercial Bank (BCR), when EBRD and IFC won seven times the money they injected when becoming shareholders, once the BCR was sold to Erste Bank. The local Savings Bank (CEC), which has recently become CEC Bank, has already dealt with to attempts to get privatised, with none of them having been concluded because of the poor offers. The Romanian Minister of Economy and Finace Varujan Vosganian explained early last month that the Romanian state, which is the single shareholder of the CEC Bank, takes into account also the listing on the Stock Exchange, but with this not to happen in 2008. The increase in the number of the SME clients and in the retail brought the bank in the first quarter of the year a gross profit worth 11.8 million euros, that is almost half the profit recorded in the entire year 2007, and also a growth in the assets by almost 52 percent, compared with the first three months in 2007, up to 3.3 billion euros. In the first quarter of the year, the volume of lending reached 1.61 billion euros, with the bank aiming to reach an increase in the credit portfolio by 48 percent by year-end, while the deposit balance is expected to grow by 41 percent. Sursa: http://www.rompress.ro

Tags: cec shareholder might bcr

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