OTP indicates interest in Romania's CEC with 8 others
Monday, August 29, 2005, 00:00
OTP Bank has submitted its letter of intent to acquire a majority stake in Romania's Casa de Economii si Consemnatiuni (CEC), the bank said in a statement on Wednesday. Romania has recieved letters of intent from nine potential bidders.
The Romanian state called on August 10 a tender for the sale of not less than a 50%-plus-one-share stake but no more than a 75% holding in CEC. The deadline for submitting letters of intent was set to August 31.
The submission of the above letter of intent does not create any financial or other kind of obligation on the largest Hungarian bank. OTP Bank is convinced that CEC's privatisation will be a correct and transparent process, in line with international standards applied in the European Union," OTP said in a statement.