SocGen agrees Rosbank sale as it prepares Russian exit

"With this agreement (...) the group would exit in an effective and orderly manner from Russia, ensuring continuity for its employees and clients", the French bank said in a statement. Russia's invasion of Ukraine has triggered a barrage of financial sanctions from the United States, Europe and Britain, prompting Western companies to sell their Russian assets.

French bank Societe Generale has agreed to sell its stake in Rosbank and the Russian lender's insurance subsidiaries, it said on Monday.

The transaction to transfer SocGen's 99% stake in Rosbank to Interros Capital, a Russian business linked to oligarch Vladimir Potanin, requires regulatory approval, SocGen said. "With this agreement (...) the group would exit in an effective and orderly manner from Russia, ensuring continuity for its employees and clients", the French bank said in a statement.

Russia's invasion of Ukraine has triggered a barrage of financial sanctions from the United States, Europe, and Britain, prompting Western companies to sell their Russian assets. The Rosbank deal will dent SocGen's CET 1 capital ratio by about 20 basis points, it said, adding that the ratio would remain "comfortably above" the company's guidance.