ADVERTISEMENT

Three banks in bid for CEC

Food

Raiffeisen Zentralbank Oesterreich AG, OTP Bank Nyrt and the National Bank of Greece submitted bids yesterday to buy a majority stake in Casa de Economii si Consemnatiuni SA, the last Romanian state-owned bank for sale. Romania's Finance Ministry confirmed all three banks made binding bids before the end of the stipulated deadline. Finance Minister Sebastian Vladescu said in a statement late today that “we'll open the offers at a July 25 meeting and will announce the winner in a maximum of two months.'' Raiffeisen, National Bank of Greece and Hungary's OTP have all bought banks in Romania in previous years and are looking to buy a 70% stake in CEC to boost their market share in the country. Romania has a population of nearly 22 million people, and plans to gain accession to the EU on Jan. 1. Romania's CEC has the biggest network in Romania, with hundreds of offices even in remote villages. Dexia, Belgium's third-biggest financial-services company, this month decided to withdraw from bidding for CEC without giving a reason. Romania's business newspaper Ziarul Financiar in April reported Italy's Banca Monte dei Paschi di Siena SpA also pulled out from bidding for CEC. (Bloomberg, MH, NG, Nb)

ADVERTISEMENT

MKIK: Local business tax should be maintained Analysis

MKIK: Local business tax should be maintained

Parl't votes to phase out savings coops integration framewor... Parliament

Parl't votes to phase out savings coops integration framewor...

Roche Szolgáltató appoints P&C business partner lead Appointments

Roche Szolgáltató appoints P&C business partner lead

Budapest airport shuttle bus service expanded City

Budapest airport shuttle bus service expanded

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.