"Receiving the license from the Commission for the Surveillance of the Private Pension System [CSSPP] is the first stage in the development process which we want to complete very quickly in Romania through this company, which will benefit from the abilities of BRD and Sogecap, the Société Générale subsidiary which specializes in life insurance," Maréchal told Business Standard.
Sogecap owns 51 percent of shares in the BRD Pension Fund, and BRD has the remaining 49 percent. Sogecap is a French life insurance company, with €60 billion worth of assets, €2 billion in own capital and €1 billion worth of share capital. With net sales exceeding €10 billion and over 4.3 million active contracts, Sogecap has been one of the main players on the life insurance market in France for the past 40 years. International development of the company began in 1997, with the opening of a subsidiary in Luxembourg. Sogecap then expanded to Lebanon, Morocco, Egypt, the Czech Republic, Germany, Russia and Bulgaria.
The company is a significant player on European and international life insurance markets, and expand further to Portugal, Greece, Croatia, Poland, Serbia, Slovenia, Italy, Algeria, Tunisia, Libya, India, China, Japan, Vietnam and Brazil from 2007-2009.
"Receiving the license from the CSSPP is the first stage in the development process which we want to complete very quickly "Damien Maréchal Manager, BRD Pension Fund
