European Business
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS
No Result
View All Result
European Business
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS
No Result
View All Result
European Business
No Result
View All Result
Home < INDUSTRIES Financial

SOCIETE GENERALE HAS CLOSED THE SALE OF ROSBANK AND ITS RUSSIAN INSURANCE SUBSIDIARIES

by Marie Weil
May 19, 2022
A A
Share on LinkedinShare on Twitter

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.

  1. The actual transfer of shares of insurance subsidiaries will occur in the coming days.
  2. 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”.
  3. ALD Automotive OOO, which operates in Russia and through its branches in Kazakhstan, and ALD Belarus LLC no longer concludes any new commercial transactions.
Tags: < Invest

Related Industries

Financial

Barclays appoints new co-heads of Investment Banking

January 25, 2023
Financial

Jaguar Land Rover and BNP Paribas launch new mobility financing and services in Europe

January 21, 2023
Financial

SOCIETE GENERALE GROUP ANNOUNCES THE CREATION OF ITS NEW FRENCH RETAIL BANKING: SG

January 3, 2023
Financial

APPOINTMENT OF BERTRAND COZZAROLO AS HEAD OF SOCIETE GENERALE PRIVATE BANKING

December 21, 2022
Financial

Stéphanie Maarek has been appointed Head of Compliance of BNP Paribas

December 20, 2022
Financial

Barclays demonstrates growth ambitions in Italy with move to new Milan HQ

December 13, 2022

Boehringer Ingelheim and 3T Biosciences Join Forces to Develop Next-Generation Cancer Immunotherapies

January 10, 2023

...

DR JOHANNES BUSSMANN TAKES OVER AT THE HELM OF TÜV SÜD AG

January 3, 2023

...

IHG Hotels & Resorts opens global headquarters in Windsor

January 12, 2023

...

Sandoz announces agreement to acquire leading antifungal agent Mycamine® from Astellas, reinforcing hospital offering and leading Anti-Infectives portfolio

January 25, 2023

...

A.P. Moller – Maersk announces new executive leadership team

January 11, 2023

...

Johnson Controls Acquires Hybrid Energy to Enhance Industrial Heat Pump Portfolio

January 14, 2023

...

Siemens & Deloitte demonstrate Industry 4.0 innovation at The Smart Factory @ Wichita

January 20, 2023

...

Barclays appoints new co-heads of Investment Banking

January 25, 2023

...

UPM appoints Christian Librera to lead Biofuels

January 11, 2023

...

ZF Acquires Intellic to Advance Next Generation Fleet Connectivity for Commercial Vehicles

January 12, 2023

...

Asia Pacific Business Asia Pacific Business Asia Pacific Business

EUROPEAN BUSINESS is a premier source of corporate news, business information and insights across broad spectrum of industries in Europe and worldwide.  We are one of the members of the Business World Network.

RESOURCES

  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS

CONTACT US

EDITORIAL:     editor # european-biz.com

PARTNERSHIP:     partnership # european-biz.com

HUMAN RESOURCE:     hr # european-biz.com

* (replace # with @)

  • Official Site

Copyright © EUROPEAN-BIZ.COM All rights reserved.

No Result
View All Result
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS

Copyright © EUROPEAN-BIZ.COM All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist