The group will sell its subsidiary Rosbank and its insurance subsidiaries.
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The French bank Societe Generale announced “to cease its activities” in Russia, Monday, April 11, and will sell all of its stake in Rosbank, a heavyweight in the Russian banking sector, as well as its insurance subsidiaries in the country. “The finalization of this operation should take place in the coming weeks”, further specifies the group in a press release. This “envisaged transaction should lead” to a negative impact in its accounts of 3.1 billion euros.
The group had continued its activities in Russia since the start of the invasion of Ukraine on February 24. The bank with the red and black logo weighed, in this country, 18.6 billion euros as of December 31, 2021, of which 15.4 billion (or 83%) accounted for in its Rosbank subsidiary. In 2021, the activities of its subsidiary Rosbank represented 2.8% of its total net banking income (equivalent to turnover) and 2.7% of net income.
This retail bank, based in Moscow, claims on its site 5 million individual customers, 78,000 customers in very small businesses (VSEs) and small and medium-sized enterprises (SMEs) and 9,000 customers in large companies. A heavyweight in the Russian banking market, Rosbank is considered a systemic institution by the Russian Central Bank.