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War in Ukraine: Societe Generale ceases its banking and insurance activities in Russia

2022-04-11T06:46:31.674Z


The French bank has announced to "cease its activities" in Russia and sell its stakes in the Russian banking sector, at a cost of 3.1 billion euros.


The French bank Societe Generale announced on Monday "

to cease its activities

" in Russia 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, according to a press release.

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This “

envisaged transaction should lead

” to a negative impact in its accounts of 3.1 billion euros, specifies the bank which has continued its activities in Russia since the start of the invasion of Ukraine on February 24.

Source: lefigaro

All business articles on 2022-04-11

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