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May 16, 2021

Derogations from ban on purchases for the modernization of CEC Bank

The Government reserved the right to grant derogations from the provision that prevents national companies from purchasing cars, furniture and office equipment, so as to allow financial-banking and insurance institutions, in which the state is the sole or majority shareholder, to invest into modernizing their own offices, according to a government document, quoted by Mediafax.

The document specifies that such derogations will be granted to financial-banking and insurance “companies”, in which the state is the sole or majority shareholder. Official sources stated that such derogations would be granted to The Home Savings bank (CEC Bank), to allow the oldest banking institution in Romania to modernize its offices, at national level. The Finance Ministry, CEC Bank’s majority shareholder, recently allowed the bank to boost its social capital by RON 52.6 M, at RON 1.05 bln, and the largest share of funding comes from last year’s earnings.

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