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After its withdrawal from Russia, Société Générale announces a net loss of 1.5 billion euros in the second quarter. But the growth of the third French bank has exceeded expectations and made it possible to compensate for the withdrawal from Russia.
Société Générale is in the red. It is the sale of its former Russian subsidiary Rosbank which is at the origin of this heavy financial loss.
six weeks later the beginning of the invasion of Ukraine, Société Générale was forced to sell Rosbank to the Russian investment fund “INterros Capital”. It belongs to businessman Vladimir Potanin, a close friend of Vladimir Putin.
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Société Générale had bet heavily on the Russian market. She had been there for 16 years. This transfer of Rosbank will cost him more than 3 billion euros.
But this withdrawal of Russia was rather well managed by the French bank, whose growth has not weakened. In market activities, Société Générale’s revenues increased by 23%. In retail banking, revenues are also up sharply.
All of these activities offset the impact of the sale of Rosbank. This is why the group posted a net loss of 1.5 billion euros in the second quarter.