EnglishThe Budget, Finance, Banks Committee and the Economic Policy, Reform and Privatization Committee of the Chamber of Deputies have approved the increase in the share capital of the Savings Bank (CEC) by 500 million RON (150 million EUR) from 150 million RON.
CEC has network of 1,390 branches, the largest on the market, and a market share of 3,92%, down from 8.24% in 2002 and down from 30% in 1990. CEO Eugen Radulescu explained CEC"s constant market share decrease saying the bank had been isolated from the rest of the banking market through a special law.
He pointed out that the bank had modernized lately, introducing an IT system, credit and debit cards, forex-denominated products etc. CEC closed Q1, 2007 with a gross profit of 24 billion RON, up by 60% year-on-year, and a total of 3.5 billion RON in loans to non-banking customers, up by 60% year-on-year.
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