Published: May 7, 2014
Societe Generale, the Russian bank’s parent, blamed political uncertainty and the falling rouble.
Societe Generale has announced a US$731mn writedown in the value of its Russian subsidiary, Rosbank, the French bank announced in its Q1 results.
The bank put the decision down to heightened political uncertainty and the fall of the Russian rouble, but believes it can still achieve “satisfactory profitability in 2016” in an environment characterised by reduced tensions.
The bank also emphasised that its exposure to Russian represents just 3% of its total global exposure.