BRD Societe Generale CEO leaves company

The shareholders of Romania’s second largest bank, BRD, held by French-based Societe Generale will hold a General Meeting on December 14 to appoint a new chief executive to assume the role of currently in office Patrick Gelin. The proposed candidate is Guy Marie Charles Poupet.

“The General Meeting will appoint a new chief executive to replace Mr. Patrick Gelin, effective January 1, 2010. The candidate proposed to the shareholders is Mr. Guy Marie Charles Poupet”, the bank said in a release to the Bucharest Stock Exchange.

Patrick Gelin stepped down as president-chief executive of BRD SocGen and member of the board of directors “following a personal decision, and by mutual agreement with the board of Societe Generale Group, of retiring from professional activity”, after 40-year career at SocGen.

BRD SocGen reported nine-month profit of 660 million lei (€156 million), down 19% from a year earlier, on nearly 2-fold increase in impairment provisions to 673 million lei (€159 million).

Banks’ assets totaled 47.9 billion lei (€11.4 billion) at the end of September, up 7.6% from 44.5 billion lei in year-ago period, down 2.7% from end-2008.

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