Aberdeen Asset Management becomes second largest shareholder in Romanian bank BRD

Aberdeen Asset Management has become the second largest stakeholder in local bank BRD with a stake of 5.4 percent, according to data from the local stock market, where BRD is listed. The stake, worth EUR 70 million, is now second only to the French parent bank Société Générale's controlling 60 percent share. Aberdeen Asset Management, which handles assets worldwide worth some EUR 250 billion, has been increasing its share in BRD over recent years and has taken advantage of lower prices to become the second largest stakeholder. BRD's share price has fallen nearly 70 percent from its 2008 peak and last year the bank reported its first annual loss since privatization, some EUR 74 million. “We continue to believe that BRD is a well-run bank and a member of a quality global network, qualified by Romania's harsh current context, with low margins and asset quality deterioration. These periods are opportunities for long-term investors to take advantage of attractive valuations,” said William Scholes, assistant investment manager at Aberdeen Asset Management, quoted by ZF. Aberdeen Asset Management, registered in Aberdeen, Scotland, is an investment management group, managing assets for both institutional and retail clients from offices around the world. The group is listed on the London Stock Exchange and manages currency and fixed income and equities (quoted and private) – in segregated, closed and open-ended pooled structures, as well as running a European property business. BRD is the second largest bank by assets in Romania, after BCR, it is owned by French Société Générale and its total assets valued some EUR 11 billion at the end of last year. editor@romania-insider.com