Romania’s Ministry of Finance launched the recruitment process for the nine members of the board of directors at CEC Bank, the only bank in top 10 still owned by the state.

The recruitment announcement was published on Monday, December 5, and the interested candidates have one month (until January 4) to submit their resumes.

The aim of this process is “to increase competitiveness, profitability, improve asset quality, the adequacy of capital and the financing structure of the bank,” said finance minister Anca Dragu. She added that this was an “important step for the implementation of professional management at CEC Bank, one of the most important institutions of the Romanian banking system.”

CEC Bank was the sixth biggest bank in Romania at the end of 2015, with assets worth over EUR 6.1 billion and a 7.3% market share. The bank has been managed by Romanian banker Radu Gratian Ghetea since 2007. Ghetea and the other board members of CEC Bank are among the best-paid state employees in Romania.

The candidates for the CEC Bank board must meet several mandatory conditions, such as knowledge of the local banking legislation and the local banking sector, at least ten years of experience in a bank and minimum three years of experience in a management position.

The nine board members will be selected by the executive search company Transearch based on a contract worth about EUR 17,800, without VAT. Transearch also manages the recruitment process for the board of state-owned electricity producer Hidroelectrica.

More details about the process are available on the Finance Ministry’s website (in Romanian).

CEC Bank could be listed on the Bucharest Stock Exchange

Romanian Finance Ministry launches control at state-owned CEC Bank

editor@romania-insider.com