European Bank mandates Societe Generale in Romania
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European Bank mandates Societe Generale in Romania 15 January 2014Romania Reporter: Daniel Jackson
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Societe Generale Securities Services in Romania has been mandated by the European Bank for Reconstruction and Development to act as its custody bank in Romania.
EBRD is the largest institutional investor in the country.
Assets from EBRD are being progressively transferred to SGSS for custody and safekeeping, positioning SGSS as one of its main local partners.
Under the terms of the mandate, SGSS will also provide other value-added custody services, such as settlement on the Romanian market for both stock exchange and OTC trading, and support for major local IPOs and government securities in the primary market.
The EBRD is an international financial institution that supports projects in over 30 countries, from Eastern Europe to Central Asia and the Southern and Eastern Mediterranean. Investing primarily in private sector clients whose needs cannot be fully met by the market, the bank promotes entrepreneurship and fosters transition towards open and democratic market economies.
Through its activity in Romania in the coming years, the EBRD will develop projects that will assist Romania in maintaining stability in the financial sector, to support further growth of Romanian enterprises and small and medium-sized enterprises.
The EBRD is owned by 64 countries and two supranational institutions, the European Union and the European Investment Bank.
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