Societe Generale sells its bank-insurer activities

The headquarters of Societe Generale.

Société Générale has announced the finalization of the sale of its insurance business in Russia as well as its banking subsidiary Rosbank to Interros Capital. The group should record a loss of 3.2 billion euros despite a start to the year in the green.

Initially determined to maintain its Russian activities, Societe Generale finally gave in. On May 19, 2022, the bank-insurer announced that it had finalized the sale of its insurance and banking activities to Interros Capital, one of the largest Russian investment companies. The effective transfer of ownership of the securities of the insurance subsidiaries will take place in the coming days.

The bank-insurer announced last April that it was exposed to the conflict to the tune of 18.6 billion euros, including 15.4 billion for Rosbank.

Return to its former shareholder

The Interros holding company – the former shareholder of Rosbank – should find itself, not without difficulty, at the head of these new activities in the second quarter of 2022. Indeed, according to a press release from the group, the sale should result in a net loss of around 3.2 billion euros in the income statement, but also by a negative residual impact of around 7 basis points on the capital ratio. And this despite a 16% growth in revenue over the first three months of 2022.

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