Rebranding process decreased CEC Bank profitPublish date: 05-09-2008
State owned CEC Bank, one of the top ten local lenders, posted gross profit worth €11 million in the first seven months of 2008, due to high provisions and expenses generated by the rebranding process. The bank will resume negotiations with the European Bank for Reconstruction and Development (EBRD) in the following days regarding EBRD participation in CEC Bank's capital.
CEC Bank's estimated profit for 2008 exceeds €100 million, including the amount received from selling the 25 percent stake in Asiban insurance company. CEC Bank President, Radu Ghetea, said the bank is discussing with EBRD development perspectives and is establishing the company value. The EBRD could either participate in the capital, give a subordinate loan or provide financing solutions.
Ghetea said provisions worth €15 million had a strong impact on profits, due to the high level of loans granted to individuals, which make up 70 percent of the total credits. Bank representatives plan to maintain a balance between credits for individuals and those for companies. CEC Bank granted loans worth €500 million in the first seven months of 2008, 26 percent higher year-on-year.
- Insurance market stagnated in 2013 while GDP chare dropped to 1.3%
- The Romanian Leasing Market as of December 31, 2013
- Millennium Bank reports best results since its launch, helped by stronger banking income and cost cuts
- BCR cheapens First Home loans and lowers interest loans for loans in lei
- Millennium Bank's new Salary account clients receive up to 600 lei bonus and their utility bills' payment
- GarantiBank and Seamless introduce SEQR in Romania: the newest mobile payment solution
- Bancpost telecom services, now provided exclusively by Romtelecom and COSMOTE Romania
- Millennium Bank cards offer discounts in Domo stores
- BCR Supervisory Board reshuffles Management Board
- NBR decide to lower the monetary policy rate to 4.25 percent per annum
- Common appointments in Romtelecom and COSMOTE Romania
- Up to 5.5% annual interest rate for Millennium Bank's promotional three-month lei deposit
- Eurozone in recovery mode but gap between North and South still widening
- UniCredit Tiriac Bank and RBS Romania announce the successful completion of the retail clients' migration
- Millennium Bank grants First House loans in lei