French lender Societe Generale pays lei 760,000 for BRD shares, following massive drop on BSEPublish date: 14-10-2008
French lender Societe Generale, the majority owner of Romania's second lender by assets BRD SocGen, bought a share package belonging to BRD worth 760,000 lei on the Bucharest Stock Exchange (BSE), after the bank's shares were strongly affected by the crisis in the financial sector.
As many as 102,850 BRD shares were acquired on October 10 at an average price of 7.40 lei, after the mother bank had previously bought another share package worth 790,000 lei.
BRD SocGen plunged 73.57 percent since the beginning of the year. It had a capitalization of 5.16 billion lei on October 10, at a trading price of 7.40 lei per share.
The lender posted 515 million lei net profit in the first half of the year, below the market's expectations.
BRD SocGen shares are traded on the first tier of the BSE, under the symbol BRD. The bank has a share capital of 696.90 million lei, divided into 696.90 million shares, at a face value of 1 leu.
Societe Generale controls 58.32 percent of BRD shares and has a market value of 28 billion euros. It fell 48.49 percent on the bourse in Paris since the beginning of the year.
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