October 29, 2019 / 10:50 AM / 20 days ago

EU clears 200 mln euro Romanian plan to recapitalise CEC Bank

BRUSSELS, Oct 29 (Reuters) - EU state aid regulators approved on Tuesday a plan by Romania to recapitalise state-owned CEC Bank to the tune of 200 million euros ($221.5 million), saying that the scheme would be implemented according to market terms.

Romania submitted a business plan for 2019-2023 to the European Commission, which projects an increase in the bank’s lending and deposit market share, improved efficiency and a robust capital level.

“The 200 million euro capital injection in the bank would yield a return on investment to the Romanian State (as the bank’s sole shareholder) in line with market conditions,” the EU competition enforcer said.

$1 = 0.9028 euros Reporting by Foo Yun Chee

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