Shares in Societe Generale spiked on Monday after the French banking giant agreed to sell its stake in Russia’s Rosbank and its insurance subsidiaries to Interros Capital as a result of Western sanctions on Moscow.
Western firms have headed for the exit after Russia’s unprovoked invasion of Ukraine and subsequent sanctions led by the European Union and US.
Interros is linked to billionaire Vladimir Potanin, the biggest shareholder in Norilsk Nickel, the world’s largest producer of palladium and refined nickel.
Potanin has not been sanctioned by the European Union but faces measures from Canada. No financial details of the deal were disclosed, but SocGen has said it expects to write-off of about €2bn.
Interros said the deal should be closed in the next couple of weeks after all necessary approvals from regulatory bodies are received.
