CEC changes its mind, decides to sell Asiban stake

CEC (The Romanian Savings Bank) has decided to sell its 25% stake in the insurance company Asiban, after originally announcing last month that it was considering holding onto it, whilst intending to buy the 75% put up for sale by the insurer’s other three shareholders – BCR, BRD-SocGen and Banca Transilvania. “The CEC Board of Directors examined the various possible solutions for the Asiban shares at its meeting, last week, and decided that the bank would join the other shareholders who have decided to sell their stakes in the insurance company,” announced the bank on Monday. Sources from the Ministry of the Economy and Finance, which controls CEC, told ZF that Asiban is currently “too expensive” to be purchased by CEC. The bank will, however, try to get the highest possible price for the 25% stake it holds in the insurance company, say the same sources.