BRD-SocGen, the second largest bank on the domestic market,proposed a dividend of 0.2795 RON/share to its shareholders, downover 60% from last year. The total value of dividends stands at195m RON (48m euros) and accounts for 25% in the net preliminaryincome reported for last year, which reached 792m RON. These arethe lowest dividends BRD has distributed in the past five years.French Societe Generale group, controlling the majority stake of60% in BRD stock, will cash in around 117m RON (28.5m euros), whilefinancial investment companies (SIFs), holding together 25%, willreceive almost 49m RON (12m euros). Despite the lower proposeddividend, BRD shares were yesterday traded on the Bucharest StockExchange at around the price of the previous day, of 15.2 RON.Investors were, however, expecting a cut in BRD dividend, giventhat most banks and listed companies are trying to retain as muchcash as possible and strengthen their capitals.
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