Societe Generale closed sale of Rosbank and its Russian insurance subsidiaries. Source: depositphotos.com
Societe Generale has announced the closure of the sale of Rosbank and the Group’s Russian insurance subsidiaries to Interros Capital.
The impact of the sale, which reflects the evolution of foreign exchange rates since the announcement of the disposal on April 11, 2022, will be accounted for in Q2 22 and includes:
- A residual impact of around -7 basis points on the capital ratio. On March 31, 2022, the Group’s CET 1 ratio was 12.9%, i.e. around 370 basis points above the regulatory requirement;
- A net loss on the Group’s income statement of around 3.2 billion euros.
The Group thus exits Russia in an effective and orderly manner, ensuring continuity for its employees and clients.
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