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Société Générale announces the completion of the sale of Rosbank, so that its insurance subsidiaries(1) in Russia at Interros Capital.
The sale is translated in the second quarter of 2022, after taking into account the evolution of the exchange rate since the announcement of the transaction on April 11, 2022, by:
- a residual impact of about -7 basis points on the capital ratio. As of March 31, 2022, the Group’s CET 1 ratio was 12.9%, approximately 370 basis points above the regulatory requirement;
- a net loss in the income statement of approximately € 3.2 billion(2).
Le Groupe is thus withdrawing in an effective and orderly manner from Russia(3) ensuring continuity for its employees and customers.
- The actual transfer of ownership of the securities of the insurance subsidiaries will take place in the next few days.
- Based on data estimated at 30/04/22 non auditées and an exchange rate of EUR / RUB of 68.8 for comparison with a reference exchange rate of 85 on 31/12/2021 and 92 for the press release of 11 April 2022 This loss, calculated before tax, will be recognized in the majority of “net gains or losses on other assets”.
- ALD Automotive OOO, which operates in Russia as well as in Kazakhstan through its branches, and ALD Belarus LLC no longer enter into a new commercial transaction.