The French bank Societe Generale announced that its exposure to Russia is set at 18.6 billion euros and that it could cope if it eventually loses Russian assets.
“The group has more than enough security reserves to absorb the consequences of a possible extreme scenario in which the group will lose ownership of its banking assets in Russia,” the statement said.
The French bank said its report was worth 15.4 billion euros inside Russia, SG Russia, and 3.2 billion euros outside Russia.
The bank “continues to closely monitor the situation in Ukraine and Russia,” he said.
“Societe Generale strictly complies with current legislation and diligently implements all necessary measures to strictly comply with international sanctions,” the bank added.
The stake in Societe Generale, one of Europe’s most active banks in Russia, has plummeted since the war in Ukraine.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
