1059 GMT - Societe Generale's Romania business, BRD, isn't valued by the market, Jefferies says in a research note. Owning the Romanian bank is not advantageous for the French bank and it would make sense for Societe Generale to look at options for the unit, Joseph Dickerson and Theo Massing write. They point to comments from the CEO of KBC who said the Belgian bank is exploring acquisitions in Central Europe, including Romania. SocGen has been reducing its geographic reach, exiting African markets and selling units, dismantling the empire put together by previous management in the past decades. "Some businesses from this era linger with questionable synergies to the group, despite being well run and generating respectable returns on equity," they note. Shares trade at 36.81 euros and are up 70% on a 12-month basis. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
February 14, 2025 05:59 ET (10:59 GMT)
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