France’s Societe Generale closes Rosbank sale

1 min read
A food delivery courier rides past the Rosbank branch in Moscow

PARIS (Reuters) – Societe Generale said on Wednesday it had closed the sale of its Russian business Rosbank to the Interros group, a firm linked to Russian oligarch Vladimir Potanin, which will result in the bank taking a 3.2 billion-euro ($3.35 billion) net income hit.

The impact of the sale reflects the evolution of foreign exchange rates since the announcement of the disposal on April 11.

It will be accounted for in the second quarter of 2022, the statement said.

It also includes a residual impact of around minus 7 basis points on the capital ratio. On March 31, Societe Generale’s CET 1 ratio was 12.9%, or around 370 basis points above the regulatory requirement.

($1 = 0.9546 euros)

(Reporting by Dominique Vidalon; Editing by Marguerita Choy)

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