BRD employees received 40 SocGen shares each

The employees of BRD, the second largest domestic bank in terms of assets, last autumn received 40 shares of Societe Generale French group (the majority shareholder of BRD) as part of a personnel reward programme.

The shares awarded last autumn will effectively become employees’ own and will be possible to sell as late as 2015 and 2016, depending on the meeting of certain targets related to BRD financial performance and on improving the relationship with clients. Also, the employees must stay with the group until then.

At the current market value, the shares are worth around 1,700 euros, namely the equivalent of two monthly average salaries in the Romanian banking sector.

SocGen in late 2010 had almost 9,200 employees domestically, so that the number of shares due to be distributed stands at 361,000. The shares were awarded to employees registered in November 2, 2010.

SocGen shares yesterday traded on the stock exchange at a price of 47 euros (193 lei).