Societe Generale reaps €301 million from Russian asset sale

French banking giant Societe Generale has successfully concluded the sale of its assets in Russia, netting a substantial €301 million in late July, according to the financial group's quarterly report.

In April 2022, Societe Generale announced its intention to cease operations in Russia and sell its stake in Rosbank to Russian company Interros, owned by billionaire Vladimir Potanin. The sale was finalized in late July 2024, with the French bank receiving €301 million for its remaining Russian assets, which had been previously valued at zero or provisioned for in the group's accounts.

The transaction was completed in accordance with applicable regulations and after receiving approval from various competent regulatory bodies. In December 2023, Russian President Vladimir Putin authorized Rosbank to acquire Societe Generale's shares in several major Russian companies, including VTB, Rosneft, Gazprom, and Nornickel.