Csányi doubts CEC will be sold at all


OTP Bank Nyrt, one of the two bidders in the running to buy Romania's fifth largest bank, CEC, which is being sold by the state, doubts that the sale will be completed, Reuters reported on Wednesday.

”I have doubts whether the bank will be sold at all, there is a very large discrepancy between the real and the estimated value of the bank,” OTP Chairman and Chief Executive Sándor Csányi said on the sidelines of a conference. Romania said last week it would delay the deadline for second round offers for the bank, for which OTP and the National Bank of Greece made the cut, because it said the bidders wanted a partial audit of its first half results. The Romanian government plans to finalize the sale of a 69.9% stake in CEC by the end of the year and analysts say the stake could be worth just under €500 million. CEC has over half the country's branches, but it has been steadily losing market share.


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