BRD – Groupe Société Générale is a
Romania
Romania ( ; ro, România ) is a country located at the crossroads of Central Europe, Central, Eastern Europe, Eastern, and Southeast Europe, Southeastern Europe. It borders Bulgaria to the south, Ukraine to the north, Hungary to the west, S ...
n bank which is based in
Bucharest
Bucharest ( , ; ro, București ) is the capital and largest city of Romania, as well as its cultural, industrial, and financial centre. It is located in the southeast of the country, on the banks of the Dâmbovița River, less than north of ...
,
Romania
Romania ( ; ro, România ) is a country located at the crossroads of Central Europe, Central, Eastern Europe, Eastern, and Southeast Europe, Southeastern Europe. It borders Bulgaria to the south, Ukraine to the north, Hungary to the west, S ...
. It was founded in 1923 and is currently the third largest bank by assets (about 10.9 bn €) in Romania.
The majority of shares are owned by French
Société Générale
Société Générale S.A. (), colloquially known in English as SocGen (), is a French-based multinational financial services company founded in 1864, registered in downtown Paris and headquartered nearby in La Défense.
Société Générale ...
financial group who holds a stake of 60.17%. It was rebranded after the Société Générale acquired Banca Română pentru Dezvoltare ( en, Romanian Development Bank) from the Romanian Government in 1999.
History
Foundation
In 1923, Societatea Națională de Credit Industrial was founded as a public institution. The National Bank of Romania held the majority with 30% of the share capital.
After
World War II
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposin ...
and the Nationalization Law of June 1948, Societatea Națională de Credit Industrial was nationalized and became Banca de Credit pentru Investiții.
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.
In July 2013,
Moody's
Moody's Investors Service, often referred to as Moody's, is the bond credit rating business of Moody's Corporation, representing the company's traditional line of business and its historical name. Moody's Investors Service provides international ...
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.
Controversies and legal issues
In December 2012, the Romanian authorities opened an investigation on a $111 million fraud at BRD.
In May 2015, the Romanian authorities opened an investigation on a €43 million fraud involving Remus Truică.
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
Bucharest ( , ; ro, București ) is the capital and largest city of Romania, as well as its cultural, industrial, and financial centre. It is located in the southeast of the country, on the banks of the Dâmbovița River, less than north of ...
, into one of the tallest towers in the country .
File:BRD Tower in Bucharest.JPG, BRD Tower in Bucharest
Bucharest ( , ; ro, București ) is the capital and largest city of Romania, as well as its cultural, industrial, and financial centre. It is located in the southeast of the country, on the banks of the Dâmbovița River, less than north of ...
File:Brd_unirii.jpg, Piaţa Unirii branch in Bucharest
File:BRD.Iasi-Romania.JPG, Stăpungerii Silvestru branch in Iaşi
References
External links
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{{DEFAULTSORT:BRD - Groupe Societe Generale
Société Générale
Banks of Romania
Companies based in Bucharest
Companies listed on the Bucharest Stock Exchange
Banks established in 1923
1999 mergers and acquisitions