OTP submits indicative offer for CEC
Friday, October 21, 2005, 16:24
OTP Bank Rt. has submitted a preliminary, non-binding offer for the purchase of a majority stake in Romanian Casa de Economii si Consemnatiuni S.A. (CEC) to the Ministry of Public Finance of the Republic of Romania, the bank announced on Friday. OTP placed its indicative offer after its acquisition workgroup, together with advisors Ernst & Young and Martonyi, Kajtár, Baker & McKenzie, concluded investigations into the business activities of the Bank.
The OTP Bank Group considers CEC?s privatization as a key step in its presence in Central and Eastern Europe, OTP Bank?s Deputy CEO László Wolf said.