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Interros to acquire Rosbank from French group Societe Generale

The closing of the transaction on sale of assets is expected in the coming weeks

PARIS, April 11. /TASS/. The French group Societe Generale has announced ceasing its activities in Russia and selling its share in Rosbank to the Russian company Interros owned by Vladimir Potanin, Societe Generale said in a statement on Monday.

"Societe Generale ceases its banking and insurance activities in Russia and announces the signing of a sale and purchase agreement to sell its entire stake in Rosbank and the Group’s Russian insurance subsidiaries to Interros Capital, the previous shareholder of Rosbank. With this agreement, concluded after several weeks of intensive work, the Group would exit in an effective and orderly manner from Russia, ensuring continuity for its employees and clients," the statement said.

The closing of the transaction on sale of assets is expected in the coming weeks.

"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," the French bank said.

Meanwhile, the group confirmed its distribution policy for the 2021 financial year, which stipulates the cash dividend of 1.65 euro per share, subject to the approval of the combined general meeting of shareholders on May 17, 2022.

The terms of the transaction on Rosbank acquisition were agreed with the Russian Government Commission on Monitoring Foreign Investment, according to a statement released by Interros. The closing of the transaction should occur in the coming weeks after obtaining all necessary regulatory approvals.

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