Vasile Ifrim joins CEC

The Romanian Savings Bank (Casa de Economii si Consemnatiuni-CEC) has completed its management team once it appointed its fourth deputy chairman. It is about Vasile Ifrim, the former chairman of Romexterra Bank. The task of the current management team of CEC is to prepare the bank for privatisation, “This is not going to be a CEC cosmeticising operation, but a task involving hard work,” says Ifrim. He added that CEC would have to start acting like a commercial bank and promote its banking products commercially. “So far, they have stuck to showing deposits benefited from state guarantees and that was all. We will have to enter competition with commercial banks because they are not idle, either,” says Ifrim. He resigned this May from the position of chairman of Romexterra due to health problems. Ifrim also worked as deputy chairman of Banca Agricola and director within NBR. With CEC, Ifrim will coordinate part of the above 1,400 territorial offices of the bank and will handle integration between the treasury and the accounting department. ZF