The largest state-owned energy companies, which generateturnovers of hundreds of million euros and have huge investmentplans, keep their accounts or borrow from foreign banks, while CEC(Romanian Savings Bank) is an almost inexistent option as regardslending to or managing the money of some giants such asHidroelectrica, Electrica or Transelectrica.
Instead, banks such as ING, BRD, BCR or CitiBank are leading inthe preferences of major energy firms controlled by the EconomyMinistry. There are multiple reasons leading to thissituation.
Companies say CEC does not have funding conditions similar withthose of other banks, has outdated products or does not havecertain products or services energy firms require available.
Other companies say they work with banks with internationalexposure, while some energy firms say they do not work with CEC astheir beneficiaries and clients do not work in their turn with theonly state-owned bank.
As most banks are coping with a rising number of bad loans, as manyfirms and individuals can no longer afford to pay theirinstalments, managing an account such as major energy firms can bea factor of stability.
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