SOCIETYETE GENOTERALE HAS FINALISE THE ASSIGNMENT OF ROSBANK AND OF SES SUBSIDIARIES RUSSIANS INSURANCE
Paris, May 18, 2022, 6 p.m.,
Societe Generale announces the completion of the sale of Rosbank as well as of his subsidiaries insurance(1) in Russia at Interros Capital.
The sale will result in the second quarter of 2022, after taking into account the change in the exchange rate since the announcement of the transaction on April 11, 2022, by:
a residual impact of around -7 basis points on the capital ratio. As of March 31, 2022, the Group’s CET 1 ratio stood at 12.9%, i.e. around 370 basis points above the regulatory requirement;
the recording of a net loss in the income statement of approximately 3.2 billion euros(2).
The Group is thus withdrawing in an effective and orderly manner from Russia(3) ensuring continuity for its employees and customers.
(1) Le transfer of ownership effective securities of insurance subsidiaries will take place in the next few days.
(2) On the base of data estimated at 04/30/22 unaudited and a EUR/RUB exchange rate of 68,8 to be compared to a reference price of 85 at 31/12/2021 and 92 for the April 11, 2022 press release. This losscalculated before tax effect, will be counted mostly in ” earnings or losss nets on other assets ».
(3) ALD Automotive OOO, which operates in Russia as well as’in Kazakhstan through her branch, andt ALD Belarus LLC not concludedandnt preads of new commercial transaction.
Societe Generale is one of Europe’s leading financial services groups. Relying on a diversified and integrated model, the Group combines financial solidity, dynamic innovation and a strategy of sustainable and responsible growth. Committed to the positive transformation of societies and economies, Societe Generale acts every day with its teams to build together, with its clients, a better and sustainable future by providing responsible and innovative financial solutions.
A major player in the real economy for more than 150 years with a solid foothold in Europe and connected to the rest of the world, Societe Generale employs more than 131,000 people in 66 countries and supports 26 million individual customers, companies and institutional investors on a daily basis. around the world, by offering a wide range of advice and tailor-made financial solutions based on three complementary business lines:
the Retail banking in France with Societe Generale brandsCrédit du Nord and Boursorama, which offer full ranges of financial services with an omnichannel system at the forefront of digital innovation;
the International retail banking, insurance and financial serviceswith networks present in Africa, Central and Eastern Europe, and specialized businesses that are leaders in their markets;
the Global Banking and Investor Solutionswith its recognized expertise, key international positions and integrated solutions.
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