French financial group Societe Generale hired JP Morgan to explore the possibility of selling its entity in Romania, BRD – the third-largest player on the local market by assets. The process is at an early stage, but there is already interest from several prospective buyers, Profit.ro reported.
Among those interested, there is the Belgian financial group KBC, according to Merger Market and Bizlawyer. KBC is among the most active buyers of bank properties in the region.
In November 2021, the Belgian group KBC fully bought Raiffeisenbank Bulgaria, the Bulgarian subsidiary of Raiffeisen Bank International, in a transaction of more than EUR 1 billion.
Societe Generale undergoes a process of strategic re-positioning that includes the sale of four subsidiaries in Africa, a move announced at the end of last year.
The French financial group entered Romania in 1998 by taking over the Romanian state Banca Romana de Dezvoltare (BRD). In 2001, BRD was listed on the Bucharest Stock Exchange, in the first category, quickly becoming one of the most traded companies. In 2003, the Romanian Development Bank became BRD-Groupe Societe Generale following a rebranding campaign.
iulian@romania-insider.com
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