Societe Generale has closed the sale of Rosbank and its russian insurance subsidiaries
Societe Generale announces the closing of the sale of Rosbank and the Group’s Russian insurance subsidiaries(1) to Interros Capital.
The impact of the sale, which reflects the evolution of foreign exchange rates since the announcement of the disposal on April 11, 2022, will be accounted for in Q2 22 and includes:
- A residual impact of around -7 basis points on the capital ratio. On March 31, 2022, the Group’s CET 1 ratio was 12.9%, i.e. around 370 basis points above the regulatory requirement;
- A net loss on the Group’s income statement of around 3.2 billion euros(2).
The Group thus exits Russia(3) in an effective and orderly manner, ensuring continuity for its employees and clients.
- The actual transfer of shares of insurance subsidiaries will occur in the coming days.
- Based on non-audited financial data as of April 30, 2022 and a EUR/RUB exchange rate of 68.8 to be compared to a reference rate of 85 as of 31.12.2021 and of 92 for the press release published on April 11, 2022. This loss, before tax effect, will be accounted for mainly as “net income/expense on other assets”.
- ALD Automotive OOO, which operates in Russia and through its branches in Kazakhstan, and ALD Belarus LLC no longer concludes any new commercial transactions.
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