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Societe Generale faces €3.1bn hit on sale of Rosbank stake as it quits Russia
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Societe Generale is stopping banking and insurance activities in Russia, as it sells its entire stake in Rosbank and the group’s insurance subsidiaries to Interros Capital.
The deal could still take weeks, the bank said in an 11 April statement, and could result in a €3.1bn hit due to “the write-off of the net book value of the divested activities” and an “exceptional non-cash item” in accounting for the transactions.
The sale...
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