“The capital increase was necessary in the light of both the current competition environment and the bank’s future development strategies,” said Radu Gratian Ghetea, president of CEC Bank.
CEC Bank, Romania’s fourth largest lender by assets, reported a net profit of RON37 million in 2012, down from RON67.4 million in the previous year.
End-December 2012, CEC Bank had total assets of RON26.9 billion, up 8.5% from RON24.8 billion in the previous year.
CEC Bank operates 1,128 branches nationwide and employs 6,548 staff. (EUR1=RON4.5535)