Société Générale: completes disposals in Russia
(CercleFinance.com) - Société Générale has announced the finalisation of the sale of Rosbank and its insurance subsidiaries in Russia to Interros Capital, a transaction announced on 11 April which will result in the recording of a net loss in the income statement of around 3.
2 billion euros.
The disposal will also result in a residual impact of approximately -7 basis points on the capital ratio in Q2. As of 31 March, the CET 1 ratio stood at 12.9%, i.e. approximately 370 basis points above the regulatory requirement.
The banking group is thus withdrawing in an effective and orderly manner from Russia while ensuring continuity for its employees and clients. The actual transfer of ownership of the insurance subsidiaries will take place in the next few days.
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2 billion euros.
The disposal will also result in a residual impact of approximately -7 basis points on the capital ratio in Q2. As of 31 March, the CET 1 ratio stood at 12.9%, i.e. approximately 370 basis points above the regulatory requirement.
The banking group is thus withdrawing in an effective and orderly manner from Russia while ensuring continuity for its employees and clients. The actual transfer of ownership of the insurance subsidiaries will take place in the next few days.
Copyright (c) 2022 CercleFinance.com. All rights reserved.