VTB is selling its stake in Société Générale’s Rosbank, says an official statement by the state-run bank.
According to the press release, VTB has signed a framework agreement with the French banking institution to hand over its 10 percent stake worth $418 million in exchange for Société Générale’s assets in Russia, including shares, office buildings and a part of the credit portfolio.
The deal is expected to be closed in the 4Q of this year.
Rosbank is one of the major Russian banks, part of top 10 in net assets.
Author: Mikhail Vesely