Dexia withdraws from CEC bidding

Deals

Belgian-French financial services group Dexia said it had decided against bidding for Romania's fifth-largest bank, state-owned savings bank Casa de Economii si Consemnatiuni (CEC), Reuters reported from Bucharest on Monday.

”Dexia has informed the Romanian authorities that it finally will not take part in the privatization process, in spite of the interest which CEC represents,” but remains interested in the Romanian market, Dexia said in a statement on Monday.
This leaves five banks, including Hungary's OTP Bank Nyrt, in the bidding for the sale of a 69.9% stake in CEC. At the end May, the Romanian government said, that after several delays, it had set a July 17 deadline for submitting bids. OTP was one of seven banks which submitted indicative bids last October in the tender invited for a stake between 50% and 75% in the Romanian state-owned bank earlier last year. The stake on offer was raised by the Romanian government to 85% in March 2006, but was then reduced to 69.9% early April.

ADVERTISEMENT

Reforms to raise productivity would strengthen recovery - OE... Analysis

Reforms to raise productivity would strengthen recovery - OE...

Meeting called to address Pegasus spyware lacks quorum  Parliament

Meeting called to address Pegasus spyware lacks quorum 

Skanska commercial dev unit names new EVP of operations Hung... Appointments

Skanska commercial dev unit names new EVP of operations Hung...

Zsa Zsa Gabor's ashes buried in Budapest City

Zsa Zsa Gabor's ashes buried in Budapest

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.