Frances Societe Generale closes Rosbank sale

div classBodysc17zpet90 cdBBJodivpPARIS Reuters – Societe Generale said on Wednesday it had closed the sale of its Russian business Rosbank to the Interros group, a firm linked to Russian oligarch Vladimir Potanin, which will result in the bank taking a 3.2 billioneuro 3.35 billion net income hit.p

pThe impact of the sale reflects the evolution of foreign exchange rates since the announcement of the disposal on April 11.pdivdivdiv classBodysc17zpet90 cdBBJodiv

pIt will be accounted for in the second quarter of 2022, the statement said.p

pIt also includes a residual impact of around minus 7 basis points on the capital ratio. On March 31, Societe Generales CET 1 ratio was 12.9, or around 370 basis points above the regulatory requirement.p

p1 0.9546 eurosp

Reporting by Dominique Vidalon Editing by Marguerita Choyp

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