OTP picked in final two for CEC
OTP Bank Nyrt has been picked to participate in the final running for the privatization of Romania's Casa de Economii si Consemnatiuni (CEC), Romanian Finance Minister Sebastian Vladescu told news agency Rompres on Tuesday.
OTP deputy CEO for acquisitions László Wolf called the bid OTP submitted for CEC “fair and realistic.”
OTP confirmed on July 18 it had submitted a binding bid for a 69.9% stake in CEC, which is currently wholly owned by the Romanian state.
CEC closed 2005 with total assets of €1.53 billion, giving it a 4.3% share of Romania's banking market, and after-tax profit of €1 million. It serves 3.1 million clients at almost 1,400 branches. The bank had a stock of loans of €511.9 million and a stock of deposits of €1.31 billion at the end of 2005.
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