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Saturday, September 04, 2004
Business in Romania blog
BUCHAREST, Sept 3 (Reuters) - Three international firms remain in the race to advise in the privatisation of Romanian state-owned bank Casa de Economii si Consemnatiuni (CEC), the Finance Ministry said on Friday.

Five international firms submitted offers last month to advise in the deal for the savings bank, which Romania hopes to sell next year. "The CEC privatisation commission decided that Citigroup Global Market Limited, Credit Suisse First Boston (Europe) Limited and JP Morgan would remain in the competition to be hired as an adviser," the ministry said in a statement. The other two firms who submitted bids to advise were Rothschild Conseil International and HSBC.

The ex-communist Balkan country, which hopes to join the European Union in 2007, wants to sell CEC as part of plans to complete the privatisation of its banking sector. The 140-year-old CEC, the sole bank for ordinary Romanians under the communist regime which was ousted in 1989, is undergoing restructuring. It ranks fourth in terms of net assets in Romania's banking sector. Latest data showed CEC's pretax profit at 508 billion lei ($15.10 million) over January-June, up 138 percent from a year earlier, with overall assets at 45 trillion lei. With a share capital of 1.49 trillion lei and a network of 1,424 units across Romania, CEC is the only bank that offers depositors full state coverage for their savings, but it will lose that privilege when it is privatised.

Posted by Mihai : 9/04/2004 01:17:00 pm Three international firms in race to advise on Romania bank (Reuters)
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