Romania to clarify CEC Bank sale contract before final bids

History

The commission, headed by Finance Minister Sebastian Vladescu, will seek decisions from the government concerning „certain clauses” of the contract to sell a 70% stake in the state-owned Casa de Economii si Consemnatiuni SA bank that's also known as CEC, the finance ministry said yesterday in an e-mailed statement in Bucharest. „The date for final, improved offers will be decided after the contract is finalized,” the ministry said in its statement, without elaborating on the specific clauses. Vladescu told Bloomberg in an interview on September 29 that Romania would on October 5 announce the deadline for final bids for CEC. National Bank of Greece SA and Hungary's OTP Bank Nyrt are competing to buy CEC, Romania's last state-owned bank for sale. (Bloomberg)

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