Societe Generale ceases operations in Russia and signs agreement to sell Rosbank and its Russian insurance subsidiary

societyETE GEnoERALE Stop working in Russia and sign transaction From a C perspectiveEDER With Rosbank SES subsidiary Russian insurance

press release

Paris, April 11, 2022, 8:00 am

Societe Generale suspends banking and insurance operations in Russia, And announce the signing of a contract to sell all its shares Rosbank Not just him subsidiary Russian insurance for Interros Capital, Former shareholder of Rosbank. With this agreement reached after weeks of intensive work, the group will withdraw from Russia in an effective and orderly manner.((((1) Ensuring employee and customer continuity.

Subject to the regulatory and competition law authorities of your jurisdiction, the proposed transaction will be carried out in accordance with valid legal and regulatory obligations. This operation should be completed within the next few weeks.

Impact of Rosbank sale and insurance activity in Russia Group CET1 capital ratio should be about 20 basis points Based on asset value as of December 31, 2021((((2)... This is primarily due to the impact of the impairment of the net book value of the assets sold, but on the other hand due to the deconsolidation of local exposures to Russia (approximately 15.4 billion EAD as of 31 December 2021). It was largely offset.((((3).) On the other hand, payment in favor of Societe Generale. In particular, it includes the purchaser’s repayment of subordinated debt granted by Societe Generale to its subsidiaries.

The proformer of this transaction, Group CET1 ratio is comfortably above Of the group’s financial goals. To be on the safe side, the Group’s CET1 ratio as of December 31, 2021 is 13.7%, which exceeds the minimum regulatory requirement by 470 basis points.

The planned sale should lead to a record in the group’s income statement((((Four). The following main elements:

  • Impairment of net book value of sold business (approximately € 2 billion)((((Five).);
  • Exceptional non-cash items that do not affect the group’s capital adequacy ratio (approximately € 1.1 billion)((((Five).), Corresponds to the standard entry in the conversion reserve expense account.

The Group confirms its overall distribution policy under the following: 2021 In other words, subject to the approval of the Joint Shareholders’ Meeting on May 17, 2022, a dividend of € 1.65 per share and a share buyback program of approximately € 915 million have been announced.((((6)...

(1) ALD Automotive OOO operated in Russia same as’In Kazakhstan She branch, WhentALD Belarus LLC No conclusions have been reachedWhennt preadof New commerce.
(2) Value at 31/12/21 secondsOn the basis of rate Exchange rate EUR / RUB 85..
(3) That is, as of 12/31/21, risk-weighted assets of approximately € 10.7 billion (“RWA”)..
(Four) “Count to revenue Where loss Net amount of other assets »..
(Five) based on data Estimated At 28/ 02/22 Unaudited And EUR / RUB exchange rates 92.. LUltimate impact Will beIt calculated Based on the data Exchange rate valid on fixed date Of the transaction..The dates attached to the accounts are differentIt From the transaction completion date..
(6) Follow the usual agreement between the ECB and the General Assembly mixture Shareholders.

Press contact:

Jean-Baptiste Froville_ + 33 1 58 98 68 00_ [email protected]
Fanny Rouby_ + 33 1 57 29 11 12_ [email protected]

Societe Generale

Societe Generale is one of Europe’s leading financial services groups. The Group relies on a diverse and integrated model that combines financial strength, dynamic innovation and a sustainable and responsible growth strategy. Societe Generale is committed to positive social and economic transformation and works daily with our team to build a better and sustainable future with our clients by providing responsible and innovative financial solutions.

Societe Generale has established a solid foothold in Europe and has been a major player in the real economy for over 150 years, connecting with other parts of the world, hiring more than 131,000 people in 66 countries and 26 million individual customers, businesses and We support institutional investors. every day. Around the world, by providing a wide range of advice and tailor-made financial solutions based on three complementary business lines:

  • the Societe Generale Brand French Retail BankingCrédit du Nord and Boursorama offer all kinds of financial services with an omni-channel system at the forefront of digital innovation.
  • the International retail banking, insurance, financial services To companies with networks in Africa, Russia, Central and Eastern Europe, and professional companies that are leaders in their markets.
  • the Global banking and investor solutionsWith its recognized expertise, key international status and integrated solutions.

Societe Generale is included in the major sustainable development indicators: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender Equality Index, Refinetiv Diversity and Comprehensive Index, Euronext Vigeo (Europe and Euro) Zone), STOXX Global ESG Leader Index and MSCI Low Carbon Leader Index (World and Europe).

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  • Societe Generale_Disposal of banking and insurance activities in Russia


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