Live updates: French bank SocGen ends business in Russia
CTV
What's happening in Ukraine on Monday: Societe Generale has announced it is ending its Russian activities -- making it the first big Western bank to announce it's quitting Russia.
PARIS ---- Societe Generale has announced it is ending its Russian activities -- making it the first big Western bank to announce it's quitting Russia.
SocGen is also selling its entire stake in Rosbank to a company linked to a Russian oligarch, costing the French bank some 3 billion euros (US$3.3 billion).
Rosbank is a heavyweight in the Russian banking sector, and Societe Generale was the majority shareholder.
"After several weeks of intensive work," the bank said in a statement, it had signed an agreement with Russian investment fund Interros Capital to sell all of its stake in Rosbank as well as its insurance subsidiaries in Russia.
