BRD – Groupe Société Générale

Banca Română pentru Dezvoltare
Public
Traded as BVB: BRD
Industry Finance and Insurance
Founded 1923
Headquarters Bucharest, Romania
Products Commercial banking, Investment banking, Private banking, Asset management
Website www.brd.ro

BRD – Groupe Société Générale is a Romanian bank in which the French Société Générale financial group holds a majority 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. It is currently the second largest bank by assets (about 8.7 bn €) in Romania.

History

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.[1]

In December 2012, the Romanian authorities opened an investigation on a $111 million fraud at BRD.[2]

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.[3]

In May 2015, the Romanian authorities opened an investigation on a €43 million fraud involving Remus Truica, former Prime Minister Adrian Năstase’s chief of staff and top executive at the BRD.[4]

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. ↑ "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.
  2. ↑ "Romania investigates 85 mln euro bank fraud". Reuters.com. 14 December 2012. Retrieved 2016-05-12.
  3. ↑ "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.
  4. ↑ "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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