Societe Generale Group is present in the Russian banking and financial services markets via four main subsidiaries: Rosbank, BSGV (both Universal banks), Rusfinance (Consumer credit) and DeltaCredit (Mortgage credit).
Convinced of the country’s long-term potential, the Group and its partner in Rosbank, Interros, have today announced a plan to combine these activities in Russia in order to take full advantage of revenue synergies among business lines and strengthen operational efficiency.
The two universal banks, Rosbank and BSGV, will be merged into a single unit while keeping two separate brands. The two specialised companies Rusfinance (consumer credit) and Delta Credit (mortgages) are to become 100 % subsidiaries of the new entity. They will maintain their positioning as leading specialists while facilitating cross-selling with this new entity.
The Group will employ 30 000 people in all and become the fifth-largest player in the Russian banking sector by the size of credit portfolio. With a network of more than 750 branches and outlets across the entire country, the Group will be in a strong position to cover the business and personal clientele.
Pending approval from the relevant authorities and the full completion of the process, Societe Generale will hold a 81.5% stake in the new bank. The remaining shares will be held mainly by Interros Group, thus confirming the long-term partnership of Societe Generale and Interros in Russia.
Societe Generale is one of the largest financial services groups in the euro-zone. The Group employs 157,000 people worldwide in three key businesses:
- Retail Banking, Specialised Financing & Insurance: Societe Generale serves more than 30 million individual customers worldwide.
- Private Banking, Global Investment Management & Services: Societe Generale is one of the largest banks in the euro-zone in terms of assets under custody (EUR 3,073 billion, December 2009) and under management (EUR 344 billion, December 2009).
- Corporate & Investment Banking: Societe Generale tailors solutions for its clients across sectors by capitalising on its worldwide expertise in investment banking, global finance, and global markets.
Societe Generale is included in the socially-responsible investment indexes: FTSE4Good and ASPI.