OREANDA-NEWS. July 4, 2011. The global Russian assets consolidation process of international group Societe Generale was finalised on 30 June 2011. The Bank of Russia has given Rosbank the originals of the documents confirming the completion of Rosbank’s reorganization through the affiliation of Bank Societe Generale Vostok (BSGV). As a result, Rosbank becomes one of the top 5 Russian banks in terms of credit portfolio and the third largest retail lender in Russia. With close to 700 outlets, 8 000 points of sales and 30 000 employees, the bank’s network covers 340 cities and towns in 70 regions of Russia.

The consolidation was prepared in 3 stages. Firstly, in the second half of 2010, Rosbank’s capital was increased. Then, in January 2011, the Rusfinance (consumer lending) and DeltaCredit (mortgage lending) brands became 100% subsidiaries of Rosbank. Finally, in April, Rosbank presented its new corporate style and announced the launch of its rebranding, under which it will adopt Societe Generale’s universally recognised red and black square as its logo. As of today, the organisational structure of the consolidated bank has been established and joint teams have been created in all the business lines.

According to Bernardo Sanchez Incera, Deputy Chief Executive Officer at Societe Generale, “the consolidation of Societe Generale assets in Russia is progressing according to the schedule we announced. Synergies will allow the bank to pool best practices, develop cross sales and become the reference bank for clients on all financial matters. Rosbank will continue to develop in this region which is at the heart of Societe Generale’s strategic plan both in terms of business development and operational transformation. We will focus on intensifying customer relationships and pursue our innovative strategy, while enhancing commercial and operational synergies between entities.”

Vladimir Golubkov, the CEO of Rosbank, said, “the consolidation has been achieved in a few months while respecting our commitment to maintain a high quality service for our clients at every stage of the process. We aim to build a long-term relationship with our clients and embrace Societe Generale‘s ambition of becoming the relationship-focused bank of reference. Our future will be based on transparency and partnerships of the highest quality”.