Societe Generale Group Combines Rosbank and Other Russian Subsidiaries
OREANDA-NEWS. March 1, 2010. 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 announced a plan to combine these activities in
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
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