Eugen Radulescu, an advisor to the NBR governor, was appointed to the position of chairman of the Romanian Savings Bank (CEC) on Monday.
Finance minister Ionut Popescu was present during the afternoon at the headquarters of the bank to make the formal announcement for replacement of Enache Jiru, who held the position for eight months. Decisions on the replacement and designation of the new CEC head were signed by Calin Popescu-Tariceanu, the Prime Minister.
Banking sources told Ziarul Financiar that Eugen Radulescu was proposed for the position by governor Mugur Isarescu himself.
Radulescu could not be contacted for comment.
Enache Jiru ends his second mandate in the CEC management in a period marked by electoral changes after having had a similar experience in 2000-2001 as deputy chairman of CEC.
"During this term, I managed to get the approval of the Board of Directors to sign the contract for implementation of the card system, I kick-started the reorganisation process and the specialisation of the offices, and, last but not least, I pushed for a speedier preparation of the data room for privatisation in strong collaboration with consultant JP Morgan," said Jiru.
The finance minister is a supporter of privatising CEC ahead of the Romanian Commercial Bank (BCR), without the alternative prior floating of a stake of 10%. In about one month's time data room is likely to be opened to the many investors interested in the takeover of the bank, which has the largest territorial network in Romania. The privatisation commission will be the same as for BCR.
Appointment of Eugen Radulescu in this context is fully justified owing to his experience with the privatisation of Banca Agricola.
There are likely to be several competitors in the CEC privatisation process, including investors who in fact would prefer to take over BCR.
Interest in the privatisation was announced by Erste Bank (whose entrance on the market is at stake), Raiffeisen Bank (looking to become number two on the market), UniCredito (aiming for top two), HVB (eyeing an acquisition to strengthen its position on retail segment), OTP (high regional ambitions) and Rabobank (no strong motivation). BRD-SocGen officials did not rule out making a bid for CEC. razvan.voican@zf.ro
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