SocGen’s decision to exit Rosbank and its insurance subsidiary in Russia is a welcomed development for the group as it clarifies its position regarding Russia and allows the bank to incur lower losses (€500m lower) than what was previously envisioned in the case of a nationalisation in our previous update. Still, SocGen is not yet out the wood as the group still has a €3.2bn direct, offshore exposure to the country (€2.4bn net of guarantees) which needs to be managed.
11 Apr 2022
A good development, but SocGen not yet out of the Russian wood
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A good development, but SocGen not yet out of the Russian wood
- Published:
11 Apr 2022 -
Author:
Sylvain Perret -
Pages:
3
SocGen’s decision to exit Rosbank and its insurance subsidiary in Russia is a welcomed development for the group as it clarifies its position regarding Russia and allows the bank to incur lower losses (€500m lower) than what was previously envisioned in the case of a nationalisation in our previous update. Still, SocGen is not yet out the wood as the group still has a €3.2bn direct, offshore exposure to the country (€2.4bn net of guarantees) which needs to be managed.