State-run lender CEC Bank estimates an 80% boost in credit portfolio for 2009

Publish date: 15-04-2009
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CEC Bank, the oldest lender in Romania, anticipates it will increase its credit portfolio by 80 percent this year and this is why it urges for its capital requirements to be fulfilled, declared for NewsIn the CEC president Radu Gratian Ghetea.

The lender is currently pending a capital hike of 900 million lei to be completed in two installments by its sole shareholder, the Public Finance Ministry (MFP).

Finance Minister Gheorghe Pogea confirmed earlier this week that, in order to proceed with the capital increase, Romania has to receive the green light from the European Union in order to avoid potential suspicions that funds could represent a state aid.

CEC Bank booked a four-fold higher net profit last year to 370 million lei, and without the money cashed from selling participation in insurance company Asiban, it had a 65 percent year-on-year increase.

CEC's assets reached 13 billion lei at the end of 2008, up 26-27 percent versus the same period in the previous year. Lending stood at 8.14 billion lei, 55.2 percent higher than at the end of December 2007. Deposits advanced 28.4 percent to 11.3 billion lei.


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