BRD contemplates bid for CEC

BRD-SocGen, the second largest bank on the market, is not ruling out its participation in the privatisation of CEC (Romanian Savings Bank), the owner of the largest territorial network and of the cleanest balance sheet of the entire banking system. “We will see. At this moment, I can’t say yes or no,” said Patrick Gelin, BRD chairman, answering a question regarding his bank’s interest in CEC. Until a firm strategy is devised to this end, BRD will follow the main directions it set in 2004: taking further the reorganisation and restructuring process, expanding the retail project BRD Express by opening another 30-50 offices depending on results, and launching new products and services. While BRD is still pondering, German HVB group maintains its interest in a major takeover on the Romanian market and will take part in the privatisation of the two still state-owned banks, Banca Comerciala Romana, and CEC, chairman Dan Pascariu says. ZF