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OTP gets new chance in CEC privatization

OTP Bank Rt will get another chance to acquire Romanian commercial bank Casa de Economii si Consemnatiuni SA (CEC) after the privatization committee of the Romanian government has given a green light to continue the sales process.

CEC's privatization was started in August last year and stopped in November before the bids would have been submitted. OTP is eager to get a 10% share of the Romanian banking market and the purchase of CEC would be a great step to achieve this goal, as CEC has 5% in Romania. OTP has already gained various stakes in Slovakia’s IRB Bank, Romanian Robank, Bulgarian DSK, Croatian Nova Banka and Serbian Niska Banka.