BRD - Groupe Société Générale SA is a

Romania Romania is a country located at the crossroads of Central Europe, Central, Eastern Europe, Eastern and Southeast Europe. It borders Ukraine to the north and east, Hungary to the west, Serbia to the southwest, Bulgaria to the south, Moldova to ...

n bank which is based in

Bucharest Bucharest ( , ; ) is the capital and largest city of Romania. The metropolis stands on the River Dâmbovița (river), Dâmbovița in south-eastern Romania. Its population is officially estimated at 1.76 million residents within a greater Buc ...

. 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 financial group who holds a stake of 60.17%. It was rebranded after the Société Générale acquired Banca Română pentru Dezvoltare () 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 (1 September 1939 – 2 September 1945) was a World war, global conflict between two coalitions: the Allies of World War II, Allies and the Axis powers. World War II by country, Nearly all of the wo ...

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 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

, into one of the tallest towers in the country . File:Brd_unirii.jpg, Piaţa Unirii branch in Bucharest File:BRD.Iasi-Romania.JPG, Stăpungerii Silvestru branch in Iaşi

References

External links

* {{DEFAULTSORT:BRD - Groupe Societe Generale Société Générale Banks of Romania Companies based in Bucharest Companies listed on the Bucharest Stock Exchange Companies in the BET-20 Banks established in 1923 1999 mergers and acquisitions