Cec Bank SA (Romania)

In 1996, CEC became a joint stock company having as majority shareholder the ministry of finance. Furthermore in mid 2002, the statute of CEC was modified so that the institution to be able to develop activities typical for commercial banks, with the prior approval of the central bank. The Economy and Finance Ministry, together with CEC management decided in the middle of 2007 that CEC will remain in the property of the Romanian state at least four more years, the privatization being scheduled in 2011, after reorganizing the institution. In May 2008, the name of the company became CEC Bank SA.