Connect with us

Hi, what are you looking for?

News

SocGen hikes stake in Rosbank

societeSociete Generale has increased its stake in Russian subsidiary Rosbank, which it said was part of a long-term commitment to Russia. The deal comes as Russia’s economy is under pressure partly as a result of sanctions imposed by the United States and Europe to protest against Moscow’s annexation of Crimea. Societe Generale said it bought 7% of Rosbank’s share capital from Interros group, controlled by Russian billionaire Vladimir Potanin, increasing the stake to 99.4%. SocGen bought into Rosbank in 2006 and had built up an 82% stake by 2012. SocGen then bought 10% of Rosbank from Russia’s second-largest bank, state-controlled VTB in 2013, increasing the stake to more than 90%. SocGen had exposure of 22.4 billion euros to Russia at the end of June, according to the European Banking Authority’s (EBA) data. That equated to 15.7 billion euros in risk-weighted assets.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Don't miss our updates on your email

Subscribe to our Newsletter

PR Newswire