Société Générale sells its banking and insurance activities in Russia

Société Générale has sold its entire stake in Rosbank and its Russian insurance subsidiaries to Interros Capital, a former shareholder of Rosbank. The French group has thus effectively and orderly withdrawn from Russia.

The bank estimates the impact of the sale at 3.1 billion EUR (3.375 billion USD). The amount breaks down as follows

• Impairment of the net carrying amount of the divested business (2 billion USD, 2.18 billion USD)
• outstanding non-cash element with no impact on the capital ratio of the group (1.1 billion USD, 1.2 billion USD) corresponding to the normative recovery in the conversion reserve