French bank Société Générale leaves Russia – POLITICO

PARIS — French bank Société Générale announced on Monday that it will cease operations in Russia. It announced that it would sell its Russian subsidiary Rosbank and its insurance activities in Russia to Interros Capital, an investment firm owned by oligarch Vladimir Potanin.

The bank will complete the sale once it receives the green light from competition and regulatory authorities.

“With this agreement, concluded after several weeks of intensive work, the group would effectively and orderly exit Russia and ensure continuity for its employees and customers,” said the French bank called in an opinion.

Potanin’s Interros group was Rosbank’s main shareholder before Société Générale took over the Russian bank.

Potanin is not on the list of EU-sanctioned Russians, but he is on Canada’s sanctions list. Potanin is also involved in the nickel industry and served as Russia’s first deputy prime minister in the 1990s.

Société Générale was criticized in France for not leaving Russia sooner than other French banks BNP Paribas and Crédit Agricole did.

https://www.politico.eu/article/frances-societe-generale-to-leave-russia-sell-activities-to-russian-oligarch/?utm_source=RSS_Feed&utm_medium=RSS&utm_campaign=RSS_Syndication French bank Société Générale leaves Russia – POLITICO

Fry Electronics Team

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