French Bank Societe Generale ceases Russian operations

Corporate businesses are continuing to depart Russia with French banking firm Societe Generale the latest to cease operations in the country

The company’s banking and insurance activities in Russia will come to an end as of immediately.

The company has also announced it intends to sell its entire stake in Russia’s Rosbank.

The Kremlin has increased its aggression on neighbouring Ukraine as the war enters Week 8, forcing more organisations to stop doing business with Russia.

In a statement the company stated:

“Societe Generale ceases its banking and insurance activities in Russia and announces the signing of a sale and purchase agreement to sell its entire stake in Rosbank and the Group’s Russian insurance subsidiaries to Interros Capital, the previous shareholder of Rosbank. With this agreement, concluded after several weeks of intensive work, the Group would exit in an effective and orderly manner from Russia, ensuring continuity for its employees and clients.”

“This contemplated transaction, which remains subject to the approval of the relevant regulatory and anti-trust authorities, will be conducted in compliance with the legal and regulatory obligations in force. The closing of this operation should occur in the coming weeks.”

Multinationals are fleeing Russia in a huge exodus

Large multinational companies are fleeing Russia, as the international community moves to isolate the nation over its invasion of Ukraine.

From oil giants to media companies and sporting bodies, Russia is facing a multi-billion dollar exodus.

It isn’t just corporate banking firms leaving Moscow either. Disney has also pulled plans to open its latest stage show in Russia’s capital city. Warner Bros, Sony and Disney have cancelled distribution plans for their upcoming films.