Societe Generale SA said it closed the sale of its Russian activities to billionaire Vladimir Potanin, a move that will result in a 3.2-billion euro ($3.4 billion) hit on its second-quarter earnings.
SocGen’s sale of Rosbank PJSC and of its local insurance business to Potanin’s Interros Capital will also have a residual negative impact on its CET1 ratio, a key measure of financial strength, of 7 basis points, the bank said in a statement on Wednesday. The French bank, whose ratio stood at 12.9% at end March, saw a residual impact of 6 basis points earlier this month.
SocGen’s ...
