Societe Generale ceases its activities in Russia | Photo credits: Mohamed Yahya / Creative Commons
PARIS, April 11 (Reuters) – Societe Generale announced on Monday that it would cease its banking and insurance activities in Russia.
The French banking group announces in a press release “the signing of an agreement to sell its entire stake in Rosbank as well as its insurance subsidiaries in Russia to Interros Capital, the previous shareholder of Rosbank”, which will allow it to withdraw “in an effective and orderly manner from Russia, ensuring continuity for its employees and customers”.
Societe Generale specifies that the impact of the sale of its banking and insurance activities in Russia on the group’s CET1 capital ratio should be around 20 basis points.
(Written by Myriam Rivet and Marc Angrand, edited by Bertrand Boucey)