BRD - Groupe Société Générale S.A.
INTERIM FINANCIAL STATEMENTS
SEPTEMBER 30, 2023
BRD - Groupe Société Générale S.A.
CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL POSITION
for the period ended September 30, 2023
(Amounts in thousands RON)
Group | Bank | |||
Unaudited (*) | Unaudited (*) | |||
Note | September 30, | December 31, | September 30, | December 31, |
2023 | 2022 | 2023 | 2022 | |
ASSETS | |
Cash and due from Central Bank | 4, 34 |
Due from banks | 5 |
Derivatives and other financial instruments held for trading | 6 |
Financial assets at fair value through profit and loss | 7 |
Financial assets at fair value through other comprehensive income | 8 |
Financial assets at amortised cost | 9 |
Loans and advances to customers | 9.1 |
Treasury bills at amortised cost | 9.2 |
Finance lease receivables | 10 |
Investments in subsidiaries, associates and joint ventures | |
Property, plant and equipment | 11 |
Investment property | 11 |
Goodwill | 12 |
Intangible assets | 13 |
Current tax asset | 22 |
Deferred tax asset | 22 |
Other assets | 14 |
Non-current assets held for sale | |
Total assets |
9,526,864 | 7,625,002 | 9,526,786 | 7,624,933 |
5,861,281 | 7,220,963 | 5,846,068 | 7,204,987 |
1,705,971 | 2,343,377 | 1,684,935 | 2,337,311 |
12,863 | 14,262 | 11,398 | 8,132 |
13,204,542 | 13,439,596 | 13,204,542 | 13,439,596 |
44,908,944 | 39,019,048 | 44,223,968 | 38,272,985 |
39,673,660 | 36,288,342 | 38,988,684 | 35,542,279 |
5,235,284 | 2,730,706 | 5,235,284 | 2,730,706 |
1,650,627 | 1,407,394 | - | - |
86,345 | 113,670 | 115,744 | 129,964 |
1,040,932 | 1,063,863 | 1,017,927 | 1,046,443 |
14,873 | 15,503 | 14,873 | 15,503 |
50,130 | 50,130 | 50,130 | 50,130 |
456,244 | 407,487 | 454,424 | 405,667 |
- | 23,563 | - | 23,563 |
382,613 | 496,034 | 375,132 | 478,893 |
573,724 | 590,963 | 469,598 | 473,958 |
8,633 | 10,912 | 8,633 | 10,912 |
79,484,586 | 73,841,767 | 77,004,158 | 71,522,977 |
LIABILITIES AND SHAREHOLDERS' EQUITY
Due to banks | 15 |
Derivatives and other financial instruments held for trading | 6 |
Due to customers | 16 |
Borrowed funds | 17 |
Subordinated debts | 18 |
Current tax liability | 22 |
Provisions | 19 |
Other liabilities | 20 |
Total liabilities |
1,143,307 | 636,888 | 1,143,307 | 636,888 |
774,104 | 1,443,546 | 774,104 | 1,443,546 |
60,584,823 | 56,660,841 | 60,812,603 | 56,915,740 |
5,768,832 | 5,625,488 | 3,587,227 | 3,567,262 |
1,245,495 | 1,238,651 | 1,245,495 | 1,238,651 |
91,274 | 5,595 | 90,426 | - |
345,976 | 393,452 | 332,853 | 380,172 |
815,261 | 877,540 | 713,605 | 763,682 |
70,769,072 | 66,882,001 | 68,699,620 | 64,945,941 |
Share capital | 21 | 2,515,622 | 2,515,622 | 2,515,622 | 2,515,622 |
Other reserves | (1,517,882) | (2,054,109) | (1,517,882) | (2,054,109) | |
Retained earnings and capital reserves | 7,653,537 | 6,439,441 | 7,306,798 | 6,115,523 | |
Non-controlling interest | 64,237 | 58,812 | - | - | |
Total equity | 8,715,514 | 6,959,766 | 8,304,538 | 6,577,036 | |
Total liabilities and equity | 79,484,586 | 73,841,767 | 77,004,158 | 71,522,977 |
The financial statements have been authorized by the Group's management on November 2, 2023 and are signed on the Group's behalf by:
Giovanni Luca Soma | Etienne Loulergue | |
Chairman of the Board of | Deputy Chief Executive Officer | |
Directors | ||
Simona Prodan | ||
Finance Executive Director |
The accompanying notes are an integral part of this financial statements
(*) Unaudited / unreviewed by the financial auditor
1
BRD - Groupe Société Générale S.A.
CONSOLIDATED AND SEPARATE PROFIT OR LOSS
for the period ended September 30, 2023
(Amounts in thousands RON)
Group | Bank | |||
Unaudited (*) | Unaudited (*) | |||
Nine months ended | Nine months ended | Nine months ended | Nine months ended | |
Note | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 |
Interest and similar income | 23 |
Interest and similar expense | 24 |
Net interest income | |
Fees and commission income | 25 |
Fees and commission expense | 25 |
Fees and commissions, net | |
Gain on derivative, other financial instruments held for trading and foreign exchange | 26 |
Gain from financial instruments at fair value through other comprehensive income | |
Gain from financial instruments at fair value through profit and loss | |
Net (loss)/Income from associates and joint ventures | |
Other income/(expense) from banking activities | 27 |
Net banking income | |
Personnel expenses | 29 |
Depreciation, amortization and impairment on tangible and intangible assets | 30 |
Contribution to Guarantee Scheme and Resolution Fund | 28 |
Other operating expenses | 31 |
Total operating expenses
Gross operating profit
3,073,438 | 2,050,608 | 2,930,593 | 1,939,067 |
(1,063,727) | (326,218) | (1,020,560) | (314,073) |
2,009,711 | 1,724,390 | 1,910,033 | 1,624,994 |
872,843 | 834,690 | 844,176 | 801,960 |
(309,662) | (259,347) | (303,792) | (252,571) |
563,181 | 575,343 | 540,384 | 549,389 |
255,694 | 227,809 | 253,634 | 226,218 |
- | 2,415 | - | 2,415 |
5,287 | 2,019 | 4,896 | 2,214 |
9,142 | (1,040) | 17,040 | (952) |
(12,150) | 10,110 | 2,395 | 44,647 |
2,830,865 | 2,541,046 | 2,728,382 | 2,448,925 |
(706,123) | (648,981) | (672,065) | (609,892) |
(184,411) | (170,557) | (180,900) | (166,450) |
(68,094) | (69,171) | (68,094) | (69,171) |
(431,508) | (387,218) | (411,152) | (361,980) |
(1,390,136) | (1,275,927) | (1,332,211) | (1,207,493) |
1,440,729 | 1,265,119 | 1,396,171 | 1,241,432 |
Cost of risk | 32 |
Operating profit | |
Profit before income tax | |
Current tax expense | 22 |
Deferred tax expense
Total income tax
Profit for the period
Profit attributable to equity holders of the parent
Profit attributable to non-controlling interests
35,487 | (36,898) | 27,889 | (44,744) |
1,476,216 | 1,228,221 | 1,424,060 | 1,196,688 |
1,476,216 | 1,228,221 | 1,424,060 | 1,196,688 |
(238,023) | (210,529) | (231,162) | (197,402) |
(11,283) | (2,114) | (1,623) | (1,579) |
(249,306) | (212,643) | (232,785) | (198,981) |
1,226,910 | 1,015,578 | 1,191,275 | 997,707 |
1,214,094 | 1,004,744 | - | - |
12,816 | 10,834 | - | - |
Basic earnings per share (in RON) | 33 | 1.7421 | 1.4417 | 1.7094 | 1.4316 |
The accompanying notes are an integral part of this financial statements
(*) Unaudited / unreviewed by the financial auditor
2
BRD - Groupe Société Générale S.A.
CONSOLIDATED AND SEPARATE STATEMENT OF COMPREHENSIVE INCOME
for the period ended September 30, 2023
(Amounts in thousands RON)
Group | Bank | ||||
Unaudited (*) | Unaudited (*) | ||||
September 30, | September 30, | September 30, | September 30, | ||
2023 | 2022 | 2023 | 2022 | ||
Profit for the period | 1,226,910 | 1,015,578 | 1,191,275 | 997,707 | |
Other comprehensive income | |||||
Net comprehensive income that may be reclassified to profit and loss in subsequent | |||||
periods | 536,227 | (1,998,008) | 536,227 | (1,998,008) | |
Net gain/(loss) on financial assets at fair value through other comprehensive income | 536,227 | (1,998,008) | 536,227 | (1,998,008) | |
Reclassifications to profit and loss during the period | 6 | (2,971) | 6 | (2,971) | |
Revaluation differences | 638,359 | (2,375,501) | 638,359 | (2,375,501) | |
Income tax | (102,138) | 380,464 | (102,138) | 380,464 | |
Other comprehensive income for the period, net of tax | 536,227 | (1,998,008) | 536,227 | (1,998,008) | |
Total comprehensive income for the period, net of tax | |||||
1,763,137 | (982,430) | 1,727,502 | (1,000,301) | ||
Attributable to: | |||||
Equity holders of the parent | 1,750,321 | (993,264) | |||
Non-controlling interest | 12,816 | 10,834 |
The accompanying notes are an integral part of this financial statements
(*) Unaudited / unreviewed by the financial auditor
3
BRD - Groupe Société Générale S.A.
CONSOLIDATED AND SEPARATE STATEMENT OF CHANGES IN EQUITY
for the period ended September 30, 2023
(Amounts in thousands RON)
Group
Attributable to equity holders of the parent
Other reserves | ||||||
Reserves from financial | Reserves from | Non-controlling | Total equity | |||
assets at fair value | Retained earnings | interest | ||||
Issued capital | defined pension | |||||
through other | and capital reserves | |||||
plan | ||||||
comprehensive income | ||||||
December 31, 2021 | 2,515,622 | (401,602) | 16,222 | 7,690,955 | 57,708 | 9,878,905 |
Total comprehensive income | - | (1,998,008) | - | 1,004,744 | 10,834 | (982,430) |
Net Profit for the period | - | - | - | 1,004,744 | 10,834 | 1,015,578 |
Other comprehensive income | - | (1,998,008) | - | - | - | (1,998,008) |
Equity dividends | - | - | - | (2,579,511) | (7,977) | (2,587,488) |
September 30, 2022 | 2,515,622 | (2,399,610) | 16,222 | 6,116,182 | 60,566 | 6,308,982 |
Attributable to equity holders of the parent
Other reserves | ||||||
Reserves from financial | Reserves from | Non-controlling | ||||
assets at fair value | Retained earnings | interest | ||||
Issued capital | defined pension | Total equity | ||||
through other | and capital reserves | |||||
plan | ||||||
comprehensive income | ||||||
December 31, 2022 | 2,515,622 | (2,084,244) | 30,135 | 6,439,441 | 58,812 | 6,959,766 |
Total comprehensive income | - | 536,227 | - | 1,214,094 | 12,816 | 1,763,137 |
Net Profit for the period | - | - | - | 1,214,094 | 12,816 | 1,226,910 |
Other comprehensive income | - | 536,227 | - | - | - | 536,227 |
Equity dividends | - | - | - | - | (7,391) | (7,391) |
September 30, 2023 | 2,515,622 | (1,548,017) | 30,135 | 7,653,537 | 64,237 | 8,715,514 |
The accompanying notes are an integral part of this financial statements
(*) Unaudited / unreviewed by the financial auditor
4
BRD - Groupe Société Générale S.A.
CONSOLIDATED AND SEPARATE STATEMENT OF CHANGES IN EQUITY
for the period ended September 30, 2023
(Amounts in thousands RON)
Bank
Other reserves | |||||
Reserves from financial | Reserves from | Retained earnings and | |||
Issued capital | assets at fair value | Total equity | |||
defined pension | capital reserves | ||||
through other | |||||
plan | |||||
comprehensive income | |||||
December 31, 2021 | 2,515,622 | (401,602) | 16,222 | 7,409,095 | 9,539,338 |
Total comprehensive income | - | (1,998,008) | - | 997,707 | (1,000,301) |
Net Profit for the period | - | - | - | 997,707 | 997,707 |
Other comprehensive income | - | (1,998,008) | - | - | (1,998,008) |
Equity dividends | - | - | - | (2,579,511) | (2,579,511) |
September 30, 2022 | 2,515,622 | (2,399,610) | 16,222 | 5,827,291 | 5,959,525 |
Other reserves | |||||
Reserves from financial | Reserves from | ||||
assets at fair value | Retained earnings and | ||||
Issued capital | defined pension | Total equity | |||
through other | capital reserves | ||||
plan | |||||
comprehensive income | |||||
December 31, 2022 | 2,515,622 | (2,084,244) | 30,135 | 6,115,523 | 6,577,036 |
Total comprehensive income | - | 536,227 | - | 1,191,275 | 1,727,502 |
Net Profit for the period | - | - | - | 1,191,275 | 1,191,275 |
Other comprehensive income | - | 536,227 | - | - | 536,227 |
September 30, 2023 | 2,515,622 | (1,548,017) | 30,135 | 7,306,798 | 8,304,538 |
The accompanying notes are an integral part of this financial statements
(*) Unaudited / unreviewed by the financial auditor
5
BRD - Groupe Société Générale S.A.
CONSOLIDATED AND SEPARATE STATEMENT OF CASH FLOWS
for the year ended September 30, 2023
(Amounts in thousands RON)
Note | |
Cash flows from operating activities | |
Profit before tax | |
Adjustments for: | |
Depreciation and amortization expense | 30 |
Loss from reevaluation of investment in associates and joint ventures | |
(Gain) from revaluation of assets at fair value through profit and loss | 7 |
Net loss sale from associates | 27 |
Impairment adjustments and provisions | 34 |
Adjusted profit | |
Changes in operating assets and liabilities | |
Due from Central Bank | |
Deposits with banks | |
Treasury bills at amortised cost | |
Sales of financial assets at fair value through profit and loss | 7 |
Acquisition of financial assets at fair value through profit and loss | |
Financial assets at fair value through other comprehensive income | |
Loans and advances to customers | |
Lease receivables | |
Other assets including trading | |
Due to banks | |
Due to customers | |
Other liabilities | |
Total changes in operating assets and liabilities | |
Income tax paid | |
Cash flow from operating activities | |
Investing activities | |
Sales of investments in associates | |
Acquisition of investments in associates and joint ventures | |
Acquisition of tangible and intangible assets | 11, 13 |
Proceeds from sale of tangible and intangible assets | |
Cash flow from investing activities | |
Financing activities | |
Proceeds from borrowings | |
Repayment of borrowings | |
Repayment of principal lease liabilities | |
Dividends paid | |
Net cash from financing activities | |
Net movements in cash and cash equivalents | |
Cash and cash equivalents at beginning of the period | 34 |
Cash and cash equivalents at the end of the period | 34 |
Group | Bank | ||
Unaudited (*) | Unaudited (*) | ||
Nine months ended | Nine months ended | Nine months ended | Nine months ended |
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 |
1,476,216 | 1,228,220 | 1,424,060 | 1,196,687 |
184,411 | 170,557 | 180,900 | 166,450 |
7,897 | 9,805 | - | 9,629 |
(3,654) | (649) | (3,266) | (844) |
5,646 | - | 438 | - |
90,348 | 161,653 | 78,341 | 154,071 |
1,760,864 | 1,569,586 | 1,680,473 | 1,525,993 |
537,836 | 279,562 | 537,845 | 279,595 |
(625,642) | (12,517) | (626,418) | (13,313) |
(2,504,578) | (1,398,025) | (2,504,578) | (1,398,025) |
5,053 | - | - | - |
- | (6,143) | - | - |
771,281 | 3,786,588 | 771,281 | 3,786,588 |
(3,435,022) | (3,409,489) | (3,486,437) | (3,440,246) |
(242,319) | (152,022) | - | - |
731,274 | 24,645 | 737,741 | 72,149 |
506,419 | 578,643 | 506,419 | 578,643 |
3,923,982 | 2,474,674 | 3,896,863 | 2,398,658 |
(758,864) | 374,514 | (741,315) | 353,401 |
(1,090,580) | 2,540,430 | (908,599) | 2,617,450 |
(128,780) | (233,379) | (117,172) | (220,169) |
541,504 | 3,876,637 | 654,702 | 3,923,274 |
13,782 | - | 13,782 | - |
- | (9,886) | - | (9,800) |
(193,270) | (78,719) | (192,447) | (78,021) |
10,849 | 868 | 10,849 | 868 |
(168,639) | (87,737) | (167,816) | (86,953) |
1,069,134 | 184,479,675 | 198,401 | 183,746,507 |
(918,950) | (182,115,142) | (171,592) | (181,440,506) |
(61,287) | (65,546) | (59,333) | (62,450) |
(7,391) | (2,587,493) | - | (2,579,511) |
81,506 | (288,506) | (32,524) | (335,960) |
454,371 | 3,500,394 | 454,362 | 3,500,361 |
8,999,681 | 6,301,478 | 8,999,611 | 6,301,445 |
9,454,052 | 9,801,872 | 9,453,973 | 9,801,806 |
Additional information on operational cash flows from interest and dividends:
Group | Bank | |||
Unaudited (*) | Unaudited (*) | |||
Nine months ended | Nine months ended | Nine months ended | Nine months ended | |
September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | |
Interests paid | 854,269 | 275,568 | 909,128 | 264,399 |
Interests received | 3,021,341 | 2,120,270 | 2,787,505 | 2,008,955 |
Dividends received | 29,156 | 8,677 | 39,715 | 45,894 |
The accompanying notes are an integral part of this financial statements
(*) Unaudited / unreviewed by the financial auditor
6
BRD - Groupe Société Générale S.A.
NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
as of and for the period ended September 30, 2023
(Amounts in thousands RON)
1. Corporate information
BRD - Groupe Société Générale (the "Bank" or "BRD") is a joint stock company incorporated in Romania. The Bank commenced business as a state owned credit institution in 1990 by acquiring assets and liabilities of the former Banca de Investitii. The Bank headquarters and registered office is 1-7 Ion Mihalache Blvd, Bucharest.
BRD together with its subsidiaries (the "Group') offers a wide range of banking and financial services to corporates and individuals, as allowed by law. The Group accepts deposits from the public and grants loans and leases, carries out funds transfer in Romania and abroad, exchanges currencies and provides other financial services for its commercial and retail customers.
The ultimate parent is Société Générale S.A. as at September 30, 2023 (the "Parent" or "SG").
The Bank has as at September 30, 2023 432 units throughout the country (December 31, 2022: 460).
The average number of active employees of the Group during the first three quarters of 2023 was 6,067 (2022: 6,158), and the number of active employees of the Group as of the period-end was 6,050 (December 31, 2022: 6,126).
The average number of active employees of the Bank during the first three quarters of 2023 was 5,807 (2022: 5,846), and the number of active employees of the Bank as of the period-end was 5,823 (December 31, 2022: 5,833).
The active employees are the full time employees (excluding maternity leave and long-term sick leave).
BRD - Groupe Société Générale has been quoted on Bucharest Stock Exchange ("BVB") since January 15, 2001.
The shareholding structure of the Bank is as follows:
Unaudited (*) | ||
September 30,2023 | December 31,2022 | |
Societe Generale | 60.17% | 60.17% |
Fondul De Pensii Administrat Privat NN | 5.56% | 5.56% |
Fondul de pensii administrat privat AZT Viitorul Tau | 3.99% | 3.98% |
Infinity Capital Investments SA | 3.95% | 3.95% |
Fondul de pensii administrat privat Metropolitan Life | 3.32% | 3.23% |
Transilvania Investments Alliance S.A. | 2.03% | 2.19% |
Legal entities | 15.32% | 15.43% |
Individuals | 5.65% | 5.49% |
Total | 100.00% | 100.00% |
The accompanying notes are an integral part of this financial statements
(*) Unaudited / unreviewed by the financial auditor
7
BRD - Groupe Société Générale S.A.
NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
as of and for the period ended September 30, 2023
(Amounts in thousands RON)
2. Basis of preparation
a) Basis of preparation
The separate interim financial statements as at September 30, 2023 are of the Bank BRD - Groupe Société Générale. The consolidated and separate interim financial statements as at September 30, 2023 and September 30, 2022 are not audited nor reviewed (references included in the financial statements and selected explanatory notes).
The interim financial statements for the nine months ended September 30, 2023 has been prepared in accordance with IAS 34 Interim Financial Reporting.
The interim financial statements does not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements for the year ended December 31, 2022. In accordance with European Regulation 1606/2002 of July 19, 2002 on the application of International Accounting Standards and Order of the National Bank of Romania Governor no. 27/2010, as amended, BRD prepared consolidated and separate financial statements for the year ended December 31, 2022 in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union ("EU").
The consolidated financial statements include the consolidated statement of financial position, the consolidated profit or loss, the consolidated statement of comprehensive income, the consolidated statement of changes in shareholders' equity, the consolidated cash flow statement and consolidated notes.
The separate financial statements include the separate statement of financial position, the separate profit or loss, the separate statement of comprehensive income, the separate statement of changes in shareholders' equity, the separate cash flow statement and separate notes.
The consolidated and separate financial statements are presented in Romanian lei ("RON"), which is the Group's and its subsidiaries' functional and presentation currency, rounded to the nearest thousand, except when otherwise indicated. The consolidated and separate financial statements have been prepared on a historical cost basis, except for financial assets at fair value through profit and loss, financial assets through other comprehensive income, derivative financial instruments, other financial assets and liabilities held for trading, which have all been measured at fair value.
The Bank's management has made an assessment of the Bank's ability to continue as a going concern and is satisfied that the Bank has the resources to continue in business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast significant doubt upon the Bank's ability to continue as a going concern. Therefore, the consolidated and separate financial statements are prepared on the going concern basis.
b) Basis for consolidation
The consolidated interim financial statements comprise the financial statements of BRD - Groupe Société Générale and its subsidiaries as at September 30, 2023. The financial statements of the subsidiaries are prepared for the same reporting period, using consistent accounting policies.
A subsidiary is an entity over which the Bank exercises control. An investor controls an investee when it is exposed, or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The consolidated financial statements include the financial statements of BRD - Groupe Société Générale S.A. and the following subsidiaries: BRD Sogelease IFN S.A. (99.98% ownership, 2022: 99.98%), BRD Finance IFN S.A (49% ownership, 2022: 49%) and BRD Asset Management SAI S.A. (99.98% ownership, 2022: 99.98%).
The accompanying notes are an integral part of this financial statements
(*) Unaudited / unreviewed by the financial auditor
8
BRD - Groupe Société Générale S.A.
NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
as of and for the period ended September 30, 2023
(Amounts in thousands RON)
2. Basis of preparation
b) Basis for consolidation (continued)
According to IFRS 12 9(b), the Group controls BRD Finance IFN S.A even though it holds less than half of the voting rights, through the power to govern the financial and operating policies of the entity under various agreements. All intercompany transactions, balances and unrealized gains and losses on transactions between consolidated entities are eliminated on consolidation.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Bank obtains control, and continue to be consolidated until the date such control ceases.
Equity and net income attributable to non-controlling interest are shown separately in the statement of financial position, statement of comprehensive income, statement of changes in equity and statement of comprehensive income, respectively.
The Bank is accounting the investments in subsidiaries, associates and joint ventures in the separate financial statements at cost less impairment adjustment.
Group
Associates | Field of activity | Address | % |
ALD Automotive SRL | Operational leasing | 1-7, Ion Mihalache Street, floor 3, district 1, Bucharest | 20.00% |
BRD Asigurari de Viata SA | Insurance | 58-60 Gheorghe Polizu Street, Bucharest Corporate Center building, floor 8 | 49.00% |
(zone 3) and floor 9, district 1, Bucharest | |||
Biroul de Credit S.A. | Financial institution | 29 Sfanta Vineri Street, floor 4, district 3, Bucharest | 16.38% |
BRD Societate de Administrare a Fondurilor de | Pension fund management | 58-60 Gheorghe Polizu Street, floor 8 (zone 1, 2 and 4), district 1, Bucharest | 26.95% |
Pensii Private SA | |||
BRD Sogelease Asset Rental SRL | Operational leasing | 1-7, Ion Mihalache Street, Bucharest | 20.00% |
Joint ventures | |||
CIT One SA | Protection and guard | 319L Splaiul Independentei Street, Paris Building/A1, 1st floor, district 6, | 33.33% |
Bucharest, |
Bank
Field of activity | Address | % | |
Associates | |||
ALD Automotive SRL | Operational leasing | 1-7, Ion Mihalache Street, floor 3, district 1, Bucharest | 20.00% |
BRD Asigurari de Viata SA | Insurance | 58-60 Gheorghe Polizu Street, Bucharest Corporate Center building, floor 8 | 49.00% |
(zone 3) and floor 9, district 1, Bucharest | |||
Biroul de Credit S.A. | Financial institution | 29 Sfanta Vineri Street, floor 4, district 3, Bucharest | 16.38% |
BRD Societate de Administrare a Fondurilor de | Pension fund management | 58-60 Gheorghe Polizu Street, floor 8 (zone 1, 2 and 4), district 1, Bucharest | 26.95% |
Pensii Private SA | |||
Joint ventures | |||
CIT One SA | Protection and guard | 319L Splaiul Independentei Street, Paris Building/A1, 1st floor, district 6, | 33.33% |
Bucharest, | |||
Subsidiaries | |||
BRD Sogelease IFN SA | Financial lease | 1-7, Ion Mihalache Street, floor 12, district 1, Bucharest | 99.98% |
BRD Finance IFN SA | Financial institution | 1-7, Ion Mihalache Street, floor 15, district 1, Bucharest | 49.00% |
BRD Asset Management SAI SA | Fund administration | 2 Doctor Staicovici Street, district 5, floor 5, Bucharest | 99.98% |
In July 2023 the Bank sold the investment in associate Fondul de Garantare a Creditului Rural and as a condition precedent to the sale the dividends accumulated over the years and for the year 2022 were distributed to the shareholders. The sale of the participation was reflected also in the statement of cash flow and in Note 27.
Additionaly, the Bank did not participate to the increase of the share capital of BRD Societate de Administrare a Fondurilor de Pensii Private from July 2023 and therefore the ownership percentage was reduced from 49% to 26.95% following the approval from ONRC in October 2023.
The accompanying notes are an integral part of this financial statements
(*) Unaudited / unreviewed by the financial auditor
9
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BRD - Groupe Société Générale SA published this content on 26 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2023 08:02:48 UTC.