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CEC Bank Bucharest, Deposits and Consignments House, Romanian National Bank

CEC Bank Bucharest, Deposits and Consignments House, Romanian National Bank – Banca de Economii si Consemnatiuni

CEC Bank Bucharest, Savings and Consigments House, Romanian National Bank

CEC Bank Bucharest, Savings and Consigments House, Romanian National Bank

A short History of CEC Bank / Savings Bank

The origins of CEC, or the Savings Bank, date back to the latter half of the 19th century. At that time, the economic and political elite joined forces with ruler Alexandru Ioan Cuza in an effort to put the country’s finances in order, given that the Romanian Principalities became one state and were recognised as such by the Great Powers no sooner than in 1859.

CEC carried on the activities performed by the Deposits and Consignments House, the first public credit institution ever to be founded in Romania, and, starting from 1881, by the Savings House, the high profile savings house, whose name was changed to the Savings and Postal Cheques National House in 1932.

As far as savings houses were concerned, the first project was the brainchild of Costache Balcescu, who published it in 1845. It was backed by a list of underlying reasons and included “the statutes of the savings and deposits house” which was due for establishment by “free private subscription in the city of Bucharest”. It is worth mentioning that the project was inspired by the statutes of savings houses in France and by the statute of such a house already established in Brasov in 1835.

 

The credit organisation plan, which was released in 1864 in an annex to the government budget, referred to the financial institutions, which were listed according to the urgency of their being established. Thus, topping the list was “Banca Fonciara” (Landesbank), followed by “Banca de Scont si Circulatiune” (Discount and Circulation Bank), “Savings Bank”, “Casa pentru inlesnirea micilor agricultori si meseriasi” (The House for Small Entrepreneurs in Agriculture and Crafts), “The Pawnshop”, and “The Deposits and Consignments House”.

 

Nicolae Rosetti-Balcescu, the ad interim Minister of Finance, prepares a draft law for the establishment of a Deposits and Consignments House. On 24 November 1864, Alexandru Ioan Cuza passed the law and thus gave the nod to the establishment of the Deposits and Consignments House (CDC).
website information source: https://www.cec.ro/en/about-us/history

 

CEC Bank Bucharest, House Savings and Consigments, Romanian National Bank

CEC Bank (prior to May 6, 2008 Casa de Economii și Consemnațiuni, but already known then as CEC),is a state-owned Romanian banking institution.

In 1990, shortly after the Romanian Revolution of 1989, CEC had a 32.9% share of the Romanian market for banking; by 2006 this had fallen to 4.03%.[5] At the end of 2009, CEC Bank had 1,351 branches, more than 800 of which were in rural Romania, many with only one or two employees.[6] As of August 2009, the bank had 2.7 million customers.

 

In 1887, the cornerstone of the CEC Palace was set; the building opened as the bank’s headquarters in 1900. As of 2012, CEC Bank is still headquartered there, although the building has been sold to the municipality of Bucharest for an eventual museum; CEC Bank is leasing the building until they build or otherwise obtain an appropriate modern headquarters.

 

Romania entered World War One belatedly on the Allied or Entente side, and was largely overrun by the forces of the Central Powers. A portion of the bank’s management remained in occupied Bucharest, while another portion relocated to Iasi, in Northeast Romania. Prime minister Ion I. C. Bratianu decided to send the Bank’s treasury, as well as other assets including the treasury of the National Bank of Romania, to Iasi and later to Moscow.

 

In 1930, the Casa de Economie was spun off as an institution in its own right, the Casa Generala de Economii (“General Savings House” or “General Savings Bank”), which in 1932 became the Casa Nationala de Economii si Cecuri Postale (“Savings and Postal Cheques National House”, “National Bank for Savings and Postal Cheques”, etc.). The two entities were joined back together at the start of the Communist era, in 1948.

 

In Communist Romania, CEC created a number of types of accounts, including passbook savings accounts with various combinations of interest and prizes, and opened branches throughout Romania. From 1970 to 1985, CEC made housing loans as well. After the 1989 revolution, CEC began activities such as granting loans to other banks and dealing in government securities. In 1996, Law No. 66 reorganized CEC as a joint-stock company with the Finance Ministry as its sole shareholder. Beginning in 2005, moves were made toward privatization. A 2006 attempt at privatization was cut short when the government was dissatisfied with the bids. The possibility of privatization has been in play as recently as January 2011.
website information source: https://en.wikipedia.org/wiki/CEC_Bank

CEC Bank Bucharest, Deposits and Consignments House, Romanian National Bank

GO2 Romania Team / Freelancer / office(at)go2-romania.com

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