Romanian state-owned CEC surpasses ING and Raiffeisen to become country’s 4th largest lender
Romanian state-owned bank CEC Bank climbed up to 4th place in the ranking of the largest banks in Romania by assets at the end of June 2023 from 6th place at the end of 2022.
The bank thus surpasses ING Bank and Raiffeisen Bank, thanks to the robust rise of its stock of loans: +10% y/y, versus an average rate of 6.4% for the banking system, according to Ziarul Financiar.
The bank’s assets surged by almost 30% y/y to RON 69.1bn (9.4% of the banking system’s assets).
Previously, in 2021, CEC Bank had surpassed UniCredit and climbed from 7th to 6th place, a position it maintained in 2022.
CEC Bank did not make acquisitions and climbed to the top by assets, relying on organic growth.
The increase in assets was influenced by the increase in lending. Outstanding loans granted rose by 10% y/y to RON32.25bn (8.6% of the total non-government loans), at the end of June.
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