The group is ready to absorb the shock of the loss of its Rosbank subsidiary. It would cost him 1.8 billion euros.
Transparency operation for Societe Generale. While its title has fallen 13% since the start of the Russian invasion of Ukraine, the bank with the red and black logo tried Thursday to reassure the markets. It says it is ready to face the worst scenario: the expropriation of its Rosbank subsidiary. “The group is fully capable of absorbing the consequences of a possible extreme scenario that would affect property rights over its banking assets in Russia”, says the bank. This comment illustrates the risk of reprisals from the Russian authorities facing the financial sector, which could see its assets in Russia outright confiscated by the state.
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With 12,000 employees and 2 million customers, Rosbank is a heavyweight in the Russian banking market, and considered a systemic institution by the Russian Central Bank. Positioned in personal banking (41% of outstandings) and business activities (30%), it represents 2.8%…
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