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BRD reaping the fruit of aggressive business expansion

Banca Romana pentru Dezvoltare - Societe Generale (BRD-SocGen), has come in fourth in a recent 2007 classification drawn up by Austrian Contrast Management - Consulting firm, with a recipe for success that include aggressive local business expansion and high profitability rates.

BRD's 2007 net profit reached RON 917 million on net revenues of almost RON 2.4 billion. The bank's 2007 growth was supported by the opening of 206 new outlets, which brought the total number of BRD outlets to 806 at the end of 2007. According to BRD officials, the bank attracted almost 300,000 new customers, bringing the customer base of BRD to 2.4 million active customers that earned the bank a market share of some 17 percent on the loan segment and 19.5 percent on the deposit segment. With a market capitalisation of 3.6 billion euros, after peaking up at over 6 billion euros in 2007, BRD has now to put up with the results of the crisis facing the domestic stock exchange and also with the appreciation of the local currency, the leu (RON), against the single European currency. Business growth estimates for 2008 are still optimistic, despite the difficulties facing the capital market. 'The remittances of Romanians working abroad will support the development of the rural banking segment and increase the pool of potential customers for BRD,' says Contrast Management-Consulting Managing Director Remus Laes. Sursa: http://www.rompress.ro

Tags: brd business

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