Romanian banking: What a difference three years make

By:
Kathryn Wells
Published on:

Three years ago, the Romanian government had to admit defeat in its plans to privatize Banca Comerciala Romana, the country’s largest bank. By last autumn, though, when bidding was reopened, nine banks submitted bids and the bank was eventually sold at 5.8 times book value – a record at that time in central Europe. So what changed?