Russian operations: Societe Generale, one of the biggest banks in France, is set to divest its operations in Russia and leave the aggressor nation’s market shortly.
It has been reported that Societe Generale may complete its withdrawal from Russia by giving PJSC Rosbank, its previous local subsidiary, shares in some of the biggest firms in the nation for approximately $75 million.
On Sunday, President Vladimir Putin signed an order enabling Rosbank to purchase Russian shares from the French financial institution.
Smallholdings in the biggest companies in the nation, including PJSC Gazprom, PJSC GMK Norilsk Nickel, PJSC Lukoil PJSC Rosneft, and 20 other holdings, are included in the portfolio.
Vladimir Potanin, a oligarch, had previously purchased stock in Societe Generale at Rosbank. Eventually, the US and the UK imposed sanctions on the billionaire.
The Society Generale The French financial giant makes up the “big four” of the nation’s banking industry, along with BNP Paribas, Credit Agricole, and Groupe BPCE.
In terms of assets, Générale was the third-biggest bank in France and the twentieth-largest worldwide as of 2017. It has been included in the list of globally systemically important banks since 2011.
Foreign companies withdrawing from the Russian market After Western nations imposed sanctions on Russia, several international brands have decided to sell their operations in Russia.
Bridgestone, a Japanese tire manufacturer, recently sold its Ulyanovsk plant and withdrew from the market entirely.
Additionally, the US permitted HSBC, the biggest bank in the UK, to sell its operations in Russia.”