KPMG Romania has won the bid and was appointed to the commercial operations of the €3.9 billion capitalized Proprietatea [Restitution] fund, according to a press release. Short listed for the bid were also companies Ernst & Young, Price WaterhouseCoopers and Deloitte. According to the Restitution fund chairman, the fund share release and distribution will start in February.

The savings bank CEC was selected in January as winner of the bid for the commercial operation of the fund. The fund's shares will thus be distributed to owners of restitution certificates through the CEC network. Restitution fund was set up in 2005 to compensate former owners of dwellings nationalized during the communist regime and can not be given back in kind. The fund will be listed on local and foreign stock exchanges.