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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.