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Romanian state-owned savings bank CEC names new general manager

Romanian state-owned savings bank CEC names new general manager CEC Bank, Romania

BUCHAREST (Romania), October 25 (SeeNews) -  Romania's finance ministry, the sole shareholder of savings bank CEC, said on Friday its shareholders decided to appoint Bogdan Constantin Neacsu as the new general manager and chairman of the board of directors.

Neacsu took over as interim general manager in August, when Laurentiu Mitrache resigned for personal reasons, CEC said in a statement.

"We are the largest Romanian bank with fully state-owned capital, we have the largest territorial network, and our role must now transcend towards being the primary supporter of the Romanian economy. We will continue to support SMEs and agriculture in particular, paying special attention to our relationship with the people of Romania," Neacsu said.

Mihaela Popa was appointed prime deputy chairman of the board of directors, while Mirela Iovu was appointed deputy chairman of the board of directors.

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 gross profit soared to 432.97 million lei ($101.3 million/91 million euro) in 2018, compared to 222.7 million lei profit in the previous year.

(1 euro =4.7528 lei)