Page 5 - Frederic Oudea News Today

PARIS (Reuters) -French lender Societe Generale beat first-quarter earnings expectations on Thursday but booked higher provisions for loans turning bad as

SocGen’s deal to sell Russian lender Rosbank back to Vladimir Potanin’s Interros Capital is painful, but could help it to move on from the war in Ukraine.

French bank was among banks with largest presence in Russia and will take a €3.1bn financial hit

Vladimir Potanin had avoided sanctions by Western governments until Canada recently added him to its list

As Western companies cut ties with Russia, international banks in the country are struggling to balance their fiduciary duties with the need to be seen to be pulling out.

(Bloomberg) -- Russia’s annexation of Crimea in 2014 was the moment when many global banks sharply cut their exposure to Vladimir Putin’s regime. But firms from some European nations weren’t put off for long.

After Russian President Vladimir Putin recognized two self-proclaimed separatist republics in eastern Ukraine, lenders such as SocGen, UniCredit and Raiffeisen look increasingly exposed to the knock-on effects of financial sanctions by Western governments.

By Matthieu Protard

Societe Generale CEO said 2021 “marks a milestone” for the bank.

Societe Generale CEO said 2021 “marks a milestone” for the bank.