Belarus keen on constructive dialogue with Societe Generale
21.11.2008 11:37
Belarus is interested in a constructive dialogue with the French banking group Societe Generale to expand the trade and economic relations between the two countries, Prime Minister of Belarus Sergei Sidorsky said at a meeting with Deputy Chief Executive Officer of French banking group Societe Generale Philippe Citerne on November 21.
“We are interested in developing a constructive dialogue to expand our trade and economic relations,” Sergei Sidorsky told Philippe Citerne. “We have concrete projects with business plans, investments and a payback period,” the Head of the Belarusian government said.
According to Sergei Sidorsky, Belarus has been cooperating with the French Societe Generale through Belrosbank. The bank has been well developing and showing good results during this time global financial crisis.
The Prime Minister said that Belarus has recently reduced the trade and economic cooperation with France due to some subjective and objective reasons. “Belarus took every effort to make the relations better. I think the global financial crisis has exacerbated the problems of the European countries,” Sergei Sidorsky said. In his words, the stability of the Belarusian economy will add an additional impetus to the development of the Belarusian-French relations.
“As it turned out you can learn something from Belarus too. Belarus Investment Forum that took place in London this week has testified to the fact. Partaking in the forum were over 300 foreign companies, banking and financial organizations,” he said.
“We consider today’s meeting as an opportunity to develop our relations, first of all, in the financial area,” the Prime Minister said.
Philippe Citerne said that he arrived in Belarus not only as Societe Generale Deputy Chief Executive Officer but also as chairman of the board of directors of one of the leading Russian banks and representative of the French association of the industrialists and entrepreneurs. “Some our partners ask why we invest in Russia, Belarus; we answer: come and see by yourselves, you will understand,” Philippe Citerne said.
Founded in 1864, the French banking group Societe Generale has been long cooperating with Eastern Europe and Russia. Societe Generale Group is the 4th largest bank in the euro zone in terms of assets under management, with EUR 434.6 billion as of December 2007, and the 3rd largest in terms of assets under custody, with EUR 2,583 billion as of December 2007.
In Belarus Societe Generale is represented by AKB Belrosbank, which net assets are steadily on the rise and stood at Br916.8 billion as of October 1, 2008. AKB Belrosbank (virtually 100% owned by AKB Rosbank) believes that the temporary liquidity crisis on the global and Russian financial markets will not entail lower funding from the mother structure — AKB Rosbank.
AKB Belrosbank was registered on July 22, 2003. AKB Rosbank is a shareholder of the bank (99.99998%). AKB Belrosbank is a universal bank, which offers a wide range of banking services to clients. The bank focuses on investment projects of Belarusian companies, servicing and financing of foreign trade of companies, provision of modern banking products taking into account individual requirements of customers.
The bank has state-run and private clients. During its operation AKB Belrosbank and AKB Rosbank (Moscow) have set limits for enterprises of Belneftekhim and Belenergo concerns as well as the Industry Ministry in excess of $1.5 billion. The enterprises can use the sum for financing to replenish floating assets and implement investment projects. As of October 1, 2008 the legal capital stood at Br44 billion.
