BRD gives up on CEC

The French bank group Societe Generale, which holds BRD also, gave up on the take-over of the majority shares of the Savings bank CEC, due to the poor situation the oldest Romanian bank has. Although BRD Societe Generale pursued, by taking over the CEC, the increase of the market quota up to the 19% threshold, in order to consolidate its position against the strongest French opponent, Erste Bank, the risk that the balance of the bank is affected by the situation of the Savings Bank was too high. Starting yesterday, the seven banks remaining in the run for the purchase of the CEC will be able to access the data chambers with the latest financial situations for another week. The deadline for the finalization of the privatization process of the CEC is the end of November. (B.D.)