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BRD ten years later – model of development for Société Générale Group in CEE

Banca Romana pentru Dezvoltare (BRD) is the bank with the largest private retail banking in Romania, said Groupe Societe Generale CEO Frederic Oudea on the 10th anniversary of the beginning of the privatisation of the bank to French group Societe Generale in 1999.

‘The bank has 2.6 M retail and corporate customers, five times more agencies and a market share almost five times larger than it had in 1999. Within our international retail division, the development of BRD is a model for our entire group in Central and Eastern Europe (CEE)', Oudea said. The Societe Generale official claims BRD needs not to acquire another Romanian bank because it already has a strong market position.

‘I am convinced there will be acquisition opportunities, but I do not believe this to be the right time and we don't even need to do that considering that we are the second largest bank in Romania. Should any opportunities emerge, of course we will look at them, but the Royal Bank of Scotland (RBS) is deficiently not a point of interest', Oudea further said.

He also added that the group's objectives in 2009 would be to bring in new customers and consolidate relations with existing ones. The Societe Generale CEO stressed the fact that the bank's operations in Romania were very well balanced from the point of view of credit and savings portfolio.

The French group official noted that BRD had a very strong customer base, the bank holding a market share of 18-20 per cent. On the other hand, Oudea pointed out that, should the Romanian bank ever need liquidity, Societe Generale will give it money, but it doesn't work the other way around. BRD Chairman and CEO Patrick Gelin, in turn, explained that the bank's liquidity was secured by deposits and by long term partnership with its customers.

 

Agreement with IMF may decrease minimum reserves

All Romanian banks hope the agreement with the IMF will lead to lower interest rates by financing from the Fund or by decreasing minimum reserves, BRD official Patrick Gelin said. He showed that, in Romania, interest rates for loans in RON should decrease to support credit. On the other hand, Societe Generale CEO Frederic Oudea who is due to meet up with the IMF mission in Vienna says the agreement with the IMF is very good news strengthening the confidence of the foreign environment in Romania and the state's growth capacity. According to Oudea, the agreement with the Fund gives Societe Generale even more confidence in Romania's capacity to grow.

 

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Tags: generale societe oudea romania group brd rbs

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