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%. 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. As of August 2009, the bank had 2.7 million customers. CEC was founded in 1864—five years after the union of the two Danubian Principalities, and more than a decade before the Romanian state as such—as the Casa de Depuneri și Consemnațiuni (literally "Deposits and Consignments House" but effectively "Deposits and Consignments Bank": the Romanian casa is used analogously to the French caisse; both are related to the English cash). In 1880, the name was changed to Casa de Depuneri, Consemnațiuni și Economie ("Deposits, Consignments and Savings House"). In 1881, the financially independent Casa de Economie ("Savings Bank"), was set up under its aegis. More information...
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