Societe Generale announces that it will cease its activities in Russia

In the streets of Moscow (Russia), its famous red and black logo has been part of the landscape for fifteen years. The French bank Societe Generale, a heavyweight in the Russian financial sector, finally left the country under pressure on Monday April 11, a month and a half after the start of the war in Ukraine. “They will lose a lot of money because they have invested a lot in Russia“, thinks one Russian. In Russia, the company and its subsidiary employ 12,000 people, which represents 10% of its workforce.

According to the French Bank, the impact of this withdrawal would amount to around 3.1 billion euros. Russia was the third largest market in the world for Société Générale. BNP Paribas and Crédit Agricole withdrew three years ago weeks, but their weight was less important in Russia. The Renault company has also ceased its activities in the country while others refuse to do so, such as Total Energies, Auchan or Leroy Merlin. On the announcement of its withdrawal, the share price of the French bank Société Générale jumped by 5.9%.