CEC Bank hikes share capital to lei 949.3m by capitalizing profit

The Finance Ministry decided to increase the share capital of state-owned lender CEC Bank by around 230 million lei to 949.3 million lei by capitalizing the 2008 profit after receiving the approval of the European Commission, declared for NewsIn the finance government secretary, Gheorghe Gherghina.
After capitalizing the profit, CEC Bank's share capital was raised to 949.285 million lei divided into 9,492,850 nominative shares with a nominal value of 100 lei.

The Romanian executive has also foreseen in this year's budget the capital hike at CEC Bank by 900 million lei, a sum that was subsequently reduced by almost 150 million lei to 753 million lei.

The CEC Bank capitalization is still pending the OK of the European Commission, who is not yet convinced that the amount would not represent a state aid, according to the head of the competition watchdog, Bogdan Chiritoiu.

If the Commission decides this is a state aid, the Finance Ministry will not be able to contribute with the initially announced sum.

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