BRD – Groupe Société Générale

BRD – Groupe Société Générale is a Romanian bank which is based in Bucharest, Romania. It was founded in 1923 and is currently the third largest bank by assets (about 10.9 bn €) in Romania.

Banca Română pentru Dezvoltare
TypeSocietate pe Acțiuni
BVB: BRD
IndustryFinance and Insurance
Founded1923 (1923)
HeadquartersBucharest, Romania
ProductsCommercial banking, Investment banking, Private banking, Asset management
€ 506 million (2019)[1]
Total assets € 11.6 billion (2019) [1]
Total equity € 1.7 billion(2019)[1]
Websitewww.brd.ro

The majority of share are owned by French Société Générale financial group who holds a stake of 59.37%. It was rebranded after the Société Générale acquired Banca Română pentru Dezvoltare (English: Romanian Development Bank) from the Romanian Government in 1999.

History

Foundation

In 1923, Societatea Nationala de Credit Industrial was founded as a public institution. The National Bank of Romania held the majority with 30% of the share capital.[2]

After World War II and the Nationalization Law of June 1948, Societatea Nationala de Credit Industrial was nationalized and became Banca de Credit pentru Investitii.[2]

BRD was founded in 1990 as a commercial bank by taking over assets of the former Investment Bank of Romania.

Since 31 October 2012, the general manager of the BRD is Philippe Charles Lhotte. He replaced Alexandre Paul Maymat who stepped down due to family reasons.[3]

In July 2013, Moody's downgraded the BRD's ratings to Ba2/Not-Prime from Baa3/Prime-3, following the lowering of the bank's baseline credit assessment (BCA) to b2 from ba3.[4]

In December 2012, the Romanian authorities opened an investigation on a $111 million fraud at BRD.[5]

In May 2015, the Romanian authorities opened an investigation on a €43 million fraud involving Remus Truică.[6]

Activity

It has over 2.2 million clients, more than 900 branches and recently moved its headquarters into a new building on Victoriei Square in the north side of Bucharest, into one of the tallest towers in the country as of 2005.

References
  1. "Interim Financial Report" (PDF). Retrieved 2020-05-19.
  2. "BRD". www.deltastock.com. Retrieved 2020-05-19.
  3. "BRD Societe Generale to nominate new head for Romania after Alexandre Maymat withdraws for personal reasons". Romania-insider.com. 23 July 2012. Retrieved 2016-05-12.
  4. "Moody's downgrades BRD -- Groupe Société Générale to Ba2/NP from Baa3/P-3; outlook negative". Moodys.com. 17 July 2013. Retrieved 2016-05-12.
  5. "Romania investigates 85 mln euro bank fraud". Reuters.com. 14 December 2012. Retrieved 2016-05-12.
  6. "Romanian businessmen and bank executives, involved in one of the biggest bank fraud cases in the last 15 years". Romania-insider.com. 19 May 2015. Retrieved 2016-05-12.
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