Restructuring in Romania's banking system is only beginning and the process will continue with more  branch closures and redundancies in 2013,  at the same pace as this year, said the president of the Romanian Banking Association (ARB), Radu Ghetea (in picture), quoted by the local press.

"If we talk about the number of units, I think they will continue to be reduced, because keeping some of them can no longer be justified," said Ghetea. He added that branches providing loans would be particularly vulnerable, but that they could reopen in two - three years if and when demand for credit increases

He explained in the case of CEC, the bank he leads as president, restructuring was a very long process, not only necessary because of the  crisis. Ghetea said restructuring at CEC started four or five years ago and that branch network has been reduced from 1,415 to about 1,150 units.

Ioana Toader, ioana.toader@romania-insider.com