BUSINESS

Frederic Oudea, SocGen, reaffirms commitment towards Romania



Frederic Oudea, CEO Societe Generale, expressed his confidence in the recovery of the local economy, zf.ro informs. Thus, Societe Generale, one of the strongest European banking groups, reaffirms its strategic commitment towards Romania and the year 2014 will be for BRD, its local branch, a year of growth and progress in restoring profitability, Frederic Oudea, stated. “BRD has motivated employees, has all the ingredients for a comeback. I leave confident,” he added.
Present in Bucharest at the end of last week in order to give a signal of encouragement to the more than 8,000 BRD employees whom he encouraged to “turn the page” after two difficult years and to put the bank back on growth, the French banker met Premier Victor Ponta and National Bank of Romania (BNR) Governor Mugur Isarescu, whom he assured that SocGen will continue to finance Romania. The head of SocGen stated that he expects the Romanian economy to grow by more than 2 per cent this year and wants BRD to take part in this recovery. Likewise, although he did not want to anticipate the H1 financial results that will be published on August 1 he expressed his “confidence” in BRD’s trajectory in the following quarters.
On the other hand, Oudea came up with an evaluation that is diametrically opposed to the one issued last week by Moody’s analysts who slashed BRD’s rating for long-term deposits, doubting among other things the bank’s capacity of restoring its profitability and the downward outlook in the cost of risk. “Our evaluation is exactly opposite to the one authored by Moody’s. We have the feeling that Romania is really about to return to growth, it has the premises of healing the public finances and of the already confirmed competitiveness in the evolution of exports. We see a good economic outlook in the next 2-3 years. Also contrary to Moody’s opinion, we have an entirely positive outlook on BRD, with a well managed growth, improvements at the level of profitability and of the cost of risk.”

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