OREANDA-NEWS. Societe Generale has signed a framework agreement with VTB Group for the acquisition of VTB Group’s 10% stake in Rosbank. Through this acquisition Societe Generale strengthens its commitment to the Russian market, increasing its stake in Rosbank to 92.4%.

In exchange, the agreement includes the sale by Societe Generale Group to VTB Group of certain Russian assets: shares listed on Moscow Exchange as well as some loans and real-estate assets. These operations contribute to Rosbank’s ongoing strategic refocusing.

This transaction will have a positive financial impact on Rosbank and limited impact on Societe Generale Core tier 1 ratio.

The transaction is expected to be completed in Q4 2013.