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Societe Generale to Exit Russia With Sale of Stake in Rosbank and Insurance Units

April 11, 2022

Societe Generale said on Monday it had agreed to sell its stake in Rosbank and the Russian lender’s insurance subsidiaries to Interros Capital, a firm linked to billionaire Vladimir Potanin, lifting the French bank’s share price.

Russia’s invasion of Ukraine has triggered financial sanctions from the United States, Europe and Britain, prompting Western companies to sell their Russian assets.

Rosbank will join the business empire of Potanin, who is the biggest shareholder in Norilsk Nickel, the world’s largest producer of palladium and refined nickel.

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