SocGen to Sell Rosbank to Billionaire Potanin in Russia Exit
- French lender sticking with buyback, dividend plans for year
- Interros is investment firm of Russian billionaire Potanin
A Rosbank office in Moscow.
Source: Bloomberg
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Societe Generale SA agreed to sell its Rosbank PJSC unit to the investment firm of Russia’s richest man, taking a hit of about 3 billion euros ($3.3 billion) to exit the heavily sanctioned nation.
The Paris-based bank signed an accord to sell its entire stake in Rosbank and its Russian insurance subsidiaries to Vladimir Potanin’s Interros Capital, according to a statement on Monday. Despite the financial hit, SocGen said it’s sticking to plans for a stock buyback of 915 million euros and 2021 dividend of 1.65 euros a share.