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BUCHAREST (Romania), August 29 (SeeNews) - Romanian state-owned savings bank CEC said on Wednesday it is lending 477 million lei ($120 million/ 103 million euro) to Bucharest District 5 municipality.
The municipality will use the funds for the refinancing of older domestic loans for various local development projects, CEC Bank said in a press release.
The purpose of the loan is to make savings by reducing financing costs and creating medium-term liquidity in order to implement new investment projects of District 5 of Bucharest.
"Through the assumed mission, CEC Bank defines itself as an active supporter of the local public administration. The financing granted to Bucharest District 5 demonstrates once again the involvement of the bank in the life of local communities and in their efforts to modernize or develop new social projects," CEC president and general manager, Radu Gratian Ghetea, said.
Founded in 1864 as Casa de Economii si Consemnatiuni (Deposits and Consignments House), it was reorganised in 1996 as a joint stock company with the finance ministry as its sole shareholder and was re-branded as CEC Bank in 2008.
Its gross profit soared to a ten-year high of 222.7 million lei in 2017, from 15.8 million lei profit in the previous year.
(1 euro =4.6474 lei)