Societe Generale finalizes its exit from Russia – 05/18/2022 at 20:22


SOCIETE GENERALE COMPLETES ITS EXIT FROM RUSSIA

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PARIS (Reuters) – Societe Generale announced on Wednesday the finalization of the sale of its activities in Russia, a transaction which will result in a residual negative impact of around seven basis points on its capital ratio and a net charge of around 3.2 billion euros.

Following the Russian invasion of Ukraine, the French bank announced on April 11 the sale of its stake in Rosbank and its insurance subsidiaries to Interros Capital, a group linked to the oligarch Vladimir Potanin.

It then estimated the impact of this sale on its CET1 solvency ratio at around 20 basis points, but the ruble has appreciated against the euro since this announcement.

(Written by Bertrand Boucey, edited by Jean Terzian)

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