SCGLY - Societe Generale to exit Russia after sale of Rosbank stake to Interros Capital

French bank Societe Generale (OTCPK:SCGLY)  to sell its stake in Rosbank and the Russian lender’s insurance subsidiaries to Interros Capital, a firm linked to billionaire Vladimir Potanin and  a previous shareholder of Rosbank - WSJ. The transaction would result in an around €2B, equivalent to $2.18B, write-off of the net book value of the divested activities, and an exceptional noncash item of about €1.1B. The impact of this exit on the bank's CET1 capital-buffer ratio is expected to be around 20 basis points. The deal is expected to close in the coming weeks. Russia's invasion of Ukraine has led SocGen to end its more than 15-year investment in Rosbank.

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Societe Generale to exit Russia after sale of Rosbank stake to Interros Capital