Romanian BRD Has No Layoff Plans - GM

Patrick Gelin, head of the Romanian lender BRD Societe-Generale (BRD.RO), on Monday said the bank would not lay off employees on the backdrop of the current economic conditions.

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Gelin added that the bank's policy would have to be adapted to the 2010 conditions, adding that BRD plans no radical management change in the following years.

The bank's head said that BRD currently employs 8,500 people, or 9,300 if all units are included.

BRD shareholders on Monday elected Guy Poupet as general manager and Chairman of the bank's Board of Directors as of January 1, 2010, for a four-year term.

BRD's current general manager and Chairman of the Board Patrick Gelin has decided to quit.

In the first nine months, BRD Societe-Generale reported a 19% fall in its nine-month net profit to 660.2 million lei (EUR1=RON4.2496) on lower demand and growing non-performing loans.

According to the latest data, Societe Generale owns a 59.28% stake in BRD, while the five Romanian regional investment funds, or SIFs, own around 5% each.

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