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Citu: EximBank-Banca Romaneasca merger not approved by Finance Ministry yet

The merger between EximBank and Banca Romaneasca has not been approved by the Ministry of Public Finance, finance minister Florin Citu declared on Tuesday, mentioning that it is difficult to be done.

“There are many things to discuss as this merger between a state bank which did not have activity in the retail market  and a retail bank which has acted in the Romanian market in past years is complicated and experience is needed,” said Florin Citu, at a press conference.

The finance minister also referred to CEC Bank mentioning that he wanted to turn the two state banks into real competitors in the banking market.

“About CEC, I want to draw attention to people from EBRD and IFC to restructure such institutions.  That means we will have to do due diligence and change the governance in order to have a transparent governance. I want CEC and EximBank to be two real competitors in the market for the other banks. I am not interested in active shares alone, but in profitability, in products. Today there are no real competitors for the other banks in  the system and it seems interesting that a bank of the first ten, such as CEC should not be a primary dealer, today when Romania has only 7 primary dealers. It is not admissible for CEC not to be an objective, a primary dealer, when the state invested 950 million lei ,”Citu pointed out.

He mentioned that, until the present moment, there have not been any changes within CEC, but data have appeared about incompatibilities which should be resolved.