The French bank Socit Generale, which has continued its activities in Russia since the start of the invasion of Ukraine on February 24, announced on Monday that it would end it via the planned sale of its entire stake in Rosbank.
Very involved in Russia, Socit Generale was exposed for 18.6 billion euros, including 15.4 billion for Rosbank. In a press release, the group indicates that it has signed an agreement to sell its entire stake in Rosbank, a heavyweight in the Russian banking sector in which it was the majority shareholder, as well as its insurance subsidiaries in Russia to the investment fund Interros Capital, the former shareholder of Rosbank.
With this agreement, concluded after several weeks of intensive work, the group would withdraw in an effective and orderly manner from Russia while ensuring continuity for its employees and customers, highlights the bank.
Societe Generale emphasizes that the planned transaction remains subject to the approval of the competent regulatory and competition law authorities, and that its completion should take place in the coming weeks.
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In its accounts, this disposal should lead to a negative impact of 3.1 billion euros, ie 2.2 billion in depreciation and 1.1 billion in exceptional items.
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