SocGen to Sell Rosbank to Billionaire Potanin in Russia Exit (3)

Societe Generale SA agreed to sell its Rosbank PJSC unit to the investment firm of Russia’s richest man, taking a hit of about 3 billion euros ($3.3 billion) to exit the heavily sanctioned nation.

The Paris-based bank signed an accord to sell its entire stake in Rosbank and its Russian insurance subsidiaries to Vladimir Potanin’s Interros Capital, according to a statement on Monday. Despite the financial hit, SocGen said it’s sticking to plans for a stock buyback of 915 million euros and 2021 dividend of 1.65 euros a share.

Vladimir Potanin

Photographer: Chris J. Ratcliffe/Bloomberg

SocGen’s decision to exit Russia is the most decisive ...