EBRD sells stake in BRD

Newsroom 23/02/2011 | 17:01

The EBRD has sold 34,845,050 shares, representing its entire holding, in BRD – Groupe Société Générale for EUR 107 million. The transaction took place on the Bucharest Stock Exchange. The bank is listed on the Bucharest Stock Exchange. KBC Securities N.V and KBC Securities Romania acted as brokers.

The EBRD became a shareholder of BRD – Groupe Société Générale in November 1999 with a holding of just below 5 percent in the bank. This represented part of an effort to provide institutional strength to the recently privatized bank and to help promote its growth alongside Société Générale, who in March 1999, had purchased a controlling stake of 51 percent in BRD – Groupe Société Générale. BRD – Groupe Société Générale was subsequently listed on the first tier of the Bucharest Stock Exchange on 15 January 2001.

Nick Tesseyman, Managing Director, Financial Institutions, said “our exit from BRD – Groupe Société Générale comes as Romania’s attractiveness to institutional investors has grown. We are proud to have contributed to making BRD – Groupe Société Générale the successful, strong and attractive financial institution it is today. We remain committed to cooperating with BRD – Groupe Société Générale in Romania and across our business areas and to maintaining our strong relationship with the bank.”