BRD SocGen suffered small drop on the stock market after mother company was affected by huge fraud

The lender opened at 19.50 lei, 1 percent less than yesterday, but it gained 1.02 percent to 19.90 lei, brokers said.

It got back on track at 12:35 this afternoon, after the lender assured investors its financial results will not be plagued by the fraud in France.

The decision to suspend the bank this morning was meant to protect investors on the market and was in line with the Bucharest Stock Exchange code.

The French lender, Societe Generale, the majority shareholder of the Romanian bank announced a 4.9 billion euros fraud this morning within its brokerage division, plus depreciation of its assets.

Source: NewsIn