French banking group Societe Generale has said it is ending its activities in Russia and selling its stake in Russia's Rosbank and the Russian lender’s insurance subsidiaries.
Societe Generale said in a statement on April 11 that its withdrawal from Russia would cost the bank $3.4 billion.
The statement said that the transaction to transfer Societe Generale’s 99 percent stake in Rosbank to Interros Capital, a Russian business linked to oligarch Vladimir Potanin, requires regulatory approval.
"With this agreement…the group would exit in an effective and orderly manner from Russia, ensuring continuity for its employees and clients,” the bank said.
Moscow’s unprovoked war in Ukraine has triggered a barrage of harsh sanctions from the United States, Europe, and Britain, prompting Western companies to sell their Russian assets and exit the country.