EBRD is interested in buying Romania's Savings Bank, expects start of the privatization process

The European Bank for Reconstruction and Development (EBRD) voiced interest in the privatization of the Romanian Savings Bank (CEC), the country's oldest state-owned lender and is now waiting for the prime minister and finance minister to make a decision in this respect, bank official said.

The CEC is a special case, being one of the few state-owned lenders left unsold, EBRD president Jean Lemierre said. EBRD will analyze some other privatization processes in Romania too, Lemierre added.

EBRD plans to direct one third of the investments in Romania for 2008 to the power industry, group manager, Olivier Descamps said. Investments are likely to grow significantly this year from the previous one when EBRD injected some 350 million euros into the Romanian market.

EBRD released in January a financing line for power efficiency projects through which banks can contract loans and forward the money to companies for improving the power efficiency.  EBRD already financed Banca Comerciala Romana (BCR) with 20 million euros, CEC with 10 million euros and Banca Transilvania with 5 million euros.

So far EBRD granted 22 loans worth 380 million euros for projects in city infrastructure and and environment.

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