ZF English

State brings 13m euros and two new vice-presidents at CEC Bank

Autor: Liviu Chiru

05.04.2011, 23:48 12

CEC Bank, the only top-ranking bank still in the state'sportfolio, will increase its capital by 52.9 million lei (nearly 13million euros) from last year's profit and by incorporatingreserves.

At the General Shareholders Meeting that approved the capitalincrease a new Board of Directors was also appointed, which bringstwo new vice-presidents to the management team - Andrei Stamatianand Andrei-Răzvan Micu - with Radu Gheţea being elected for a newterm as chairman. The terms will start in May and have a durationof three years.

"The capital increase was necessary in order to consolidate thebank. But it is not sufficient, because, although our solvencyratio is high, 17.18%, we have very daring projects that can becarried through to their end only if there is commitment forcapital increases, when they are needed," Gheţea commented for ZF.The projects have to do with boosting lending, as well as withimplementing a new IT system.

After this increase, the share capital of CEC Bank exceeded theone billion-lei mark (nearly 255 million euros).

CEC Bank ended last year with a 6.37% market share by assets,ranking among the big banks, with Gheţea saying this year's targetis to preserve the same level, on a market where competition isreturning. The bank ended last year with 21.7 billion-lei (5.1billion euros) in assets, up 4%.

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