STORY – The group sells its Rosbank subsidiary for a handful of rubles, which it had acquired for 4 billion euros. The buyer is the Russian ex-owner.
The pressure was too much. Six weeks after the start of the invasion of Ukraine by Putin’s army, Société Générale announced its withdrawal from Russia. “After several weeks of intensive work”the tricolor bank has signed an agreement allowing it to sell its insurance subsidiaries in Russia and especially its subsidiary Rosbank, a heavyweight on the Russian market (12,000 employees, 2 million customers).
The transaction, which should be finalized in the coming weeks, will allow Societe Generale to withdraw “in an effective and orderly manner from Russia, ensuring continuity for its employees and customers”. ALD, its car leasing subsidiary, will not enter into “new commercial transactions” in Russia, Kazakhstan and Belarus.
“Clear and responsible”
Along with TotalEnergies and Auchan, Societe Generale was one of the largest French groups present in Russia to still resist the pressure to leave the country. “The strategic decision to withdraw is lucid and responsible, assures Frederic…