Following the acquisition ofan initial 10% stake inthe share capital ofRosbank inJune 2006and further tothe due diligence conducted since then, Société Générale and Interros have announced the acquisition ofa second 10% stake inRosbank from Interros for USD 317million, asimilar price tothe first 10% stake, thereby increasing Société Générales holding to20% less 1share.
In addition, Société Générale has signed acall option with Interros on30% + 2shares ofRosbank, which will enable itto take control ofthe bank bythe end of2008. The strike price for the further 30% + 2shares ofRosbank establishes valuation ofthis stake atUSD 1,700million.
Société Générale sees Russia asone ofthe most promising markets for the years ahead and isdelighted towork inpartnership with Interros inorder totake full advantage ofRosbanks development potential, said Daniel Bouton, Chairman and CEO ofthe Group.
The development ofSociété Générale inRussia isperfectly coherent with the strategy ofthe Group inCentral and Eastern Europe, the banks second domestic market, which includes astrong presence with Komercni Banka inCzech Republic (number 3) and BRD inRomania (number 2), says Jean-Louis Mattei, Head ofInternational Retail Banking.
Rosbank isgetting avery good partner and looks forward toindustrial cooperations and partnership with SocGen toensure leading position for Rosbank inthe Russian financial sector says Andre Bougrov, Managing Director atInterros Holding.
Between 2006and the exercise ofthe call option, Société Générale will berepresented onRosbanks Board ofDirectors byPhilippe Citerne, Director and co-CEO, and Jean-Louis Mattei, Head ofInternational Retail Banking, and will advise the bank onits risk and finance policies.
Interros will consider, atthe time ofthe exercise ofthe call, the possibility tobecome shareholder ofSociété Générale. Société Générale would welcome such move.
Société Générale Société Générale isone ofthe largest financial services groups inthe euro-zone. The Group employs more than 103,000people worldwide inthree key businesses:Retail Banking & Financial Services: Société Générale serves more than 20million individual customers worldwide.Global Investment Management & Services: Société Générale isone ofthe largest banks inthe euro-zone interms ofassets under custody (EUR 1516 billion, June 2006) and under management (EUR 397,2billion, June 2006).Corporate & Investment Banking: Société Générale ranks among the leading banks worldwide ineuro capital markets, derivatives and structured finance.Société Générale isincluded inthe five major socially-responsible investment indexes.www.socgen.com