Romania’s CEC Bank has finalized the acquisition of an overwhelming majority interest of 99.993% in the Rural Credit Guarantee Fund (FGCR) previously held by BRD Groupe Societe Generale, Banca Comercială Română, and Raiffeisen Bank. This significant action underscores CEC Bank’s resolution to enhance direct support for clients engaged in agriculture and rural segments, providing competitive and sustainable financial and guarantee services. The bank’s acquisition aligns well with the strategic guidelines of the national and European authorities, targeting the progressive and sustainable evolution of these crucial sectors, given their key roles in maintaining food security and stimulating the broader economy, commented Bogdan Neacșu, the General Director of CEC Bank. With this acquisition, the bank seeks to bolster its commitment to agriculture and rural development. Last year, CEC Bank experienced a notable upturn in agricultural lending, with the sector accounting for a fifth of its entire loan portfolio.
Source: thediplomat.ro
