Russia’s second-largest bank by assets VTB has agreed to sale its stake of 10% in Societe Generale’s Russian unit Rosbank, the bank confirmed today.
Following the transaction, VTB will no longer own any shares in Rosbank. Under the agreement, SocGen will sell VTB a number of Russian stakes, including shares and loans to Russian companies and real estate, a source from the bank told reporters.
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State-controlled VTB (the Russian government owns 60.9% of VTB Bank’s equity) bought into Rosbank in 2010. It reported in May that the stake was not a strategic investment and that it was already in talks to sell the assets.
SocGen has spent billions of dollars over several years in its drive to turn Rosbank around and has faced major hurdles, including replacing its chief executive after former CEO Vladimir Golubkov was charged with bribery in May.
According to the bank, the transaction is expected to complete in last quarter of 2013.
When contacted from RBI, a VTB’s spokesperson declined to disclose the actual value of the deal.
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