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French bank SocGen becomes first big Western bank to end Russia ties

Russia Ukraine War
Posted at 6:01 PM, Apr 11, 2022
and last updated 2022-04-11 18:01:58-04

(PARIS) — Societe Generale has announced it is ending its Russian activities, making it the first big Western bank to announce it’s quitting Russia.

SocGen is also selling its entire stake in Rosbank to a company linked to a Russian oligarch, costing the French bank some $3.3 billion.

Rosbank is a heavyweight in the Russian banking sector, and Societe Generale was the majority shareholder.

“After several weeks of intensive work,” the bank said in a statement, it had signed an agreement with Russian investment fund Interros Capital to sell all of its stake in Rosbank as well as its insurance subsidiaries in Russia.

Interros is one of the largest funds in the country, which holds assets in heavy industry and metallurgy.