Casa de Economii si Consemnatiuni (Romanian Savings Bank-CEC), the oldest bank on the Romanian market, with a 144-year history, is set to receive a new name, CEC Bank, as well as a new visual identity.
Left in the state's hands, after the privatisation process in December 2005 was suspended, CEC is now undergoing a reorganisation process that will end in a new image.
CEC is not giving up its name, one of the most powerful Romanian brands and one of its main assets besides the large network of 1,400 branches, but will embrace a new logo. A yellow-and-black oak leaf will replace the current sign that shows a moneybox into which a coin is being deposited. However, the central headquarters, the impressive palace on Calea Victoriei in Bucharest, remains CEC's symbolic image.
The new brand was developed in collaboration with Brandient. In terms of advertising, CEC is assisted by Papaya Advertising agency. The bank did seal a one-year partnership with Papaya as early as May 2007, for creation and consultancy services. In terms of media buying, the bank is working with MindShare agency. The partnership with Papaya has been extended for another year.
Radu Ghetea, CEC chief executive officer, could not be reached for comment on this issue. In an interview with ZF earlier this year, Ghetea explained the rebranding process would involve a radical change of the bank's image, and all the branches, which now look old, would be refurbished to be brought in line with the current operating standards. The product portfolio should be also reviewed.
According to Ghetea, the rebranding process will last for around three years and involve investments worth around 50m euros.
In the first phase, 80 branches will be refurbished. By yearend, 600 will be aligned to the new identity of the bank. Austria's Erste Bank, the main shareholder in BCR, also decided,
