BRD Officials Ask Investors To Remain Calm

The management of Romania’s second largest bank Banca Romana pentru Dezvoltare – Groupe Societe Generale (BRD.RO) expressed hope that investors react reasonably to the news of French bank Societe Generale being defrauded.

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BRD Officials Say Investors Should Not Panic

The bank’s management Thursday held a press conference in Bucharest, after the international press wrote that Societe Generale, BRD's majority shareholder, uncovered a EUR4.9 billion fraud.

BRD officials said it is very important that investors react reasonably on the money market and understand the bank is an autonomous entity in Romania.

Patrick Gelin, the bank’s general manager assured that BRD would maintain its profitability target as well as its development plans that will not be influenced by the loss suffered by its majority shareholder, Societe Generale.

According to the latest data, Societe Generale owns a 58.32% stake in BRD-Groupe Societe Generale.

BRD shares were suspended early Thursday from trading on the Bucharest Stock Exchange but trading was resumed in the second part of the day.

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