BRD sells consumer loans from Romania

The BRD Group – Société Générale is selling the portfolio of consumer loans in Romania, RFI.ro reports.
The BRD-Société Générale group has decided to sell the consumer credit division in Romania. Mass media, citing company releases, says that BRD Finance IFN is in the process of selling its loan portfolio. 
Societe Generale banking group has several financial entities in Romania, namely the BRD bank – Groupe Société Générale, the consumer credit division (now in the process of being sold), a leasing company, an asset management company plus the privately administered pensions.
“On March 31, 2024 and on December 31, 2023, BRD Finance IFN SA is in the process of selling its entire loan portfolio. The management intends to cease the activity and from this perspective it has assessed that the principle of continuity of activity for the preparation of its financial statements is not adequate”, a BRD report states.
The report also states that on January 26, 2024, the Board of Directors of BRD Finance IFN approved the sale of its entire loan portfolio to a third party, and the entity is in the process of analyzing the technical details regarding the transfer, while the sale is expected to be completed during 2024.
At the end of April, the Competition Council announced that it is analyzing the transaction by which the EOS Group, through the companies EOS Credit Funding DAC and EOS Finance IFN S.A., intends to take over a portfolio of performing and non-performing loans from BRD Finance IFN S.A. BRD Finance is controlled 49% by BRD-SocGen and 51% by SG Financial Services Holding. At the end of March 2024, BRD Finance’s net loan portfolio was 173 million lei, compared to 374 million lei at the end of March 2023. The company has been present on the Romanian market since April 2004.
BRDBRD Finance IFNBRD Group Societe Generaleconsumer loansRomaniaselling
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