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CEC Bank received its first ever international rating, being assigned a 'BB' long-term issuer default rating with stable outlook by Fitch Ratings.
"CEC Bank's obtaining a Fitch rating is a signal that it has a solid financial profile and complies with best corporate governance and transparency practices. The rating from an international agency is a necessary step, as CEC Bank plans to access capital markets through subordinated bond issues.We want to diversify our sources of financing in order to support the growth and consolidation of our market position, and we believe that the instruments we will launch will create new opportunities for investors," said CEC Bank CEO Bogdan Neacsu in a release on Wednesday.
The financial-banking institution has undergone an extensive modernization and transformation program since 2019, succeeding to increase its market share from 6.50 percent in 2018 to 7.9 percent at the end of 2021 and grow its banking assets by 72 percent. CEC Bank's profits also surged to record highs of over 350 million RON annually between 2019-2021, the release states.
According to the cited source, CEC Bank's rating reflects the institution's solid financial position, robust liquidity and sustainable business model, given that it supports its activity mainly from sources attracted from non-bank customers and runs the largest territorial network in the country, with a share of over 25 percent in the total number of banking units in Romania.
CEC Bank is Romania's oldest financial institution - founded in 1864, it currently has the largest national network, with over 1,000 branches and territorial units and assets of over 50 billion RON as of end-2021.
CEC Bank is a top Romanian universal bank, offering a complete range of products and services to individuals, SMEs and large corporations, through multiple distribution channels: banking units, ATM networks, internet banking (CEConline), mobile banking and the CEC_IN virtual store with 100 percent online banking products and services.
