SocGen wraps up sale of Rosbank and Russian insurance subsidiaries

French banking giant Societe Generale (SocGen) has wrapped up the previously announced sale of Rosbank as well as the group’s insurance subsidiaries in Russia to Interros Capital.

Interros Capital is a Russia-based conglomerate controlled by Russian oligarch Vladimir Potanin. It is a previous shareholder of Rosbank, which is a Russian universal bank.

The deal, which was announced in April 2022, was closed after its terms were approved by the Russian government commission for the control of foreign investment.

SocGen wraps up sale of Rosbank and Russian insurance subsidiaries to Interros Capital. Photo courtesy of Brateevsky/Wikimedia Commons.

At the time of announcing the deal, SocGen said that it is stopping its banking and insurance activities in Russia and exit in an effective and orderly way from the country to ensure continuity for its employees as well as clients.

SocGen said that the sale will result in a net loss of nearly €3.2 billion.