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Romanian state-owned savings bank CEC changes management structure

Romanian state-owned savings bank CEC changes management structure CEC Bank, Romania

BUCHAREST (Romania), September 19 (SeeNews) -  Romania's finance ministry, the sole shareholder of savings bank CEC, decided to change the bank's management structure by separating the position of chairman of the board of directors from that of general manager, the bank said on Wednesday.

Under the change, Mihaela Popa was appointed interim general manager and chairperson of the steering committee, CEC said in a statement.

Radu Gratian Ghetea was appointed chairman of the board of directors.

Ghetea has been CEC president and general manager since 2007.

Mihaela Popa joined the management team as corporate vice-president of the corporate division in September 2007, previously being sales director of the Bucharest branch. Graduate of the Academy of Economic Studies, Faculty of Finance and Banking, Popa has more than 30 years of experience in banking.

CEC was 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 ($56 million/ 48 million euro) in 2017, from 15.8 million lei profit in the previous year.

(1 euro =4.6524 lei)