Fondul Proprietatea: An anxious wait for the capital market
IN ROMANIA, bank privatization and foreign involvement go hand in hand. Société Générale’s purchase of 51% of Romanian Development Bank (BRD) in 1999 was the first milestone. After Austria’s Erste Bank bought Banca Comerciala Romania (BCR), the country’s largest bank, at 5.8 times book value, 90% of Romanian banks were in foreign hands. Only savings bank Casa de Economii si Consemnatiuni (CEC) was left on the shelf.
There has been no shortage of interest in CEC, Romania’s fifth-largest bank.
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