French bank SocGen ends business in Russia

SocGen is also selling its entire stake in Rosbank to a company linked to a Russian oligarch, costing the French bank some 3 billion euros ($3.3 billion).

Rosbank is a heavyweight in the Russian banking sector, and Societe Generale was the majority shareholder.

Interros is one of the largest funds in the country, which holds assets in heavy industry and metallurgy.

``After several weeks of intensive work,'' the bank said in a statement, it had signed an agreement with Russian investment fund Interros Capital to sell all of its stake in Rosbank as well as its insurance subsidiaries in Russia.