Societe Generale ceases activities in Russia

Societe Generale has said it has ceased its banking and insurance activities in Russia.

The bank has also agreed to sell its entire stake in Rosbank and the Group’s Russian insurance subsidiaries to Interros Capital. Soc Gen says the impact of the disposal of Rosbank and the Group’s Russian insurance activities on the Group’s CET1 ratio is expected to be around 20 basis points based on the net value of the disposed assets as of December 31, 2021.