With a total loan volume that exceeds three times the average in the domestic banking market, CEC Bank defies the economic recession. The bank presses ahead, with its growth and progress among the top banks in Romania, according to its President, Radu Gratian Ghetea.
Having already managed its way through a “crisis experience” in the Turkish and Russian markets, Credit Europe Bank has accumulated 20 million Euro in loans this year, while its total loan portfolio stood at 1.5 billion Euro in 2008. According to Omer Tetik, the bank’s executive vice president, this year’s volume of loans has decreased compared to the previous year, being “an expected effect of the crisis management.”
Romanias much-heralded economic recovery in the fourth quarter of 2009 will only be relevant for the statistics, Misu Negritoiu, general manager of ING Bank Romania, told Business Arena Magazine. As the economic decline became apparent in the fourth quarter of last year, the general hope is that the economy will slow down its decline in the last three months of the year, he said.