Pensions Provider Known for High International Standards

BRD Pensii brings world-class pension services to the Romanian market. Launched in 2007 by BRD-Group Société Générale, Romania’s second-largest bank in assets, BRD Pensions aims to help its customers achieve long-term financial security.

BRD Pensii parent bank, BRD, was acquired in 1999 by the Société Générale Group, one of Europe’s leading financial-services groups. BRD Pensii operations benefits from the France-based Group’s international expertise and standards while also complying with Romanian legislation. Rozaura Stanescu, General Manager of BRD  Pensii, explains, “BRD Pensions follows the macro-economic principles of the Société Générale Group, using the Group’s model and principles of communications. We are closely supervised by our shareholders, which include Sogecap, the life insurance and savings division of Société Générale Insurance. We also report to Romania’s financial-services regulator, Autoritatea de Supraveghere Financiara (ASF). BRD Pensii is truly living up to the principle, ‘think globally and act locally’.”

Société Générale has made long-term commitment to Romania

Société Générale was among the first foreign banks to enter the Romanian market when it established an international branch there in 1979. When it acquired BRD, Société Générale demonstrated its long-term commitment to Romania. As Rozaura Stanescu points out, “Société Générale is here in Romania to stay.”

Rozaura Stanescu, the first woman and the first Romanian to head an organisation like BRD Pensii for Société Générale, was formerly in charge of strategy and market development for BRD-Group Société Générale and has had extensive experience in the Romanian banking sector. She explains that BRD Pensii differentiates itself from other financial-services providers in the Romanian market through its responsibly designed and balanced model. She says, “What sets us apart is that our relationship with clients is permanent, because they are also customers of BRD bank. According to our business model, we do not have a direct sales force but we believe in the strength of our products and the synergy with BRD Bank, our  distributor. We are working on a portfolio that is solid, and very much connected to BRD-Group Société Générale itself. Our portfolio is stable, and that is crucial when working with people’s savings. We  benefit of an extended distribution network that covers the whole country.”

Encouraging a culture of savings

Concerning BRD Pensions, part of  Rozaura Stanescu’s task is to help Romanian customers recognise the value of long-term pension protection. She says, “We are working to develop a culture of savings here in Romania. Romanians are saving, but mainly on a short-term basis. I hope that the financial crisis has taught us that we need to save long term.” She adds that incentives in the form of fiscal advantages need to be offered to encourage Romanian customers to save.

In fact, communicating with consumers is a large part of the work of  BRD Pensii . Rozaura Stanescu says, “We focus on education and awareness. We want people to understand that they should save because this will benefit them and their children in the future.” She notes that an important goal is to explain to the public the specific aspects of three types of pensions: a public one, a private one, and a third type, a voluntary pension. She says, “The public-sector pension is not transparent. Customers do not know its value until they begin to collect it. With the second type, in contrast, the customer knows the value of the pension. We a fully transparent and send reports to our customers every year, in order for them to be able to see and measure their savings value. For real security, however, investing in a voluntary pension is the best way. This is what I am trying to explain to our Romanian clientele. We try to communicate to Romanian customers that they must save. It is not a choice anymore, but a responsibility. They themselves need to realise this.”

Continued stable growth

Rozaura Stanescu foresees continued stable growth for BRD Pensions. She says, “Our standard model is bancassurance and organic growth. If other opportunities emerge in the market, we will look into them, but meanwhile we are trying to develop in a very safe manner. We keep our portfolios very balanced and we work hard on developing strong relationships with our customers.”

Romania’s financial sector has made significant progress, Rozaura Stanescu believes. She says, “This is a highly regulated market that continues to improve as we, the administrators, and the financial-sector authorities gain more experience and learn to work together. Romania still has some problems but it has many positive aspects as well, including educated people and extensive resources. Romania has maintained its principles of openness and cooperation in spite of the challenges.” To potential investors around the world, she concludes, “People should know that Romania is a beautiful country with great potential”