SocGen suspends activity in Russia, to sell Rosbank

Monday, 11. April 2022 08:29

Societe Generale S.A. announced on Monday in a statement that it will be suspending its business activities in Russia due to the ongoing crisis. Additionally, the bank will also be selling the entirety of its shares in the Rosbank where it was the majority shareholder.

"Societe Generale ceases its banking and insurance activities in Russia and announces the signing of a sale and purchase agreement to sell its entire stake in Rosbank and the Group’s Russian insurance subsidiaries to Interros Capital, the previous shareholder of Rosbank," the statement read.

The bank further asserted that "the impact of the disposal of Rosbank and the Group’s Russian insurance activities on the Group's CET1 ratio is expected to be around 20 basis points based on the net value of the disposed assets as of December 31, 2021."

Related Links: Société Générale S.A.
Author:
Baha Breaking News (BBN) / AY