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VTB confirms deal to sell Rosbank stake to SocGen
October 7, 2013 / 6:16 AM / 4 years ago

VTB confirms deal to sell Rosbank stake to SocGen

MOSCOW, Oct 7 (Reuters) - Russia’s second-largest bank VTB has agreed to sell its stake of around 10 percent in Societe Generale’s Russian unit Rosbank to the French bank, while SocGen will sell VTB a number of Russian assets, the bank confirmed on Monday.

State-controlled VTB, which bought into Rosbank in 2010, said in May that the stake was not a strategic investment and that it was in talks to sell the asset.

Reuters reported news of the deal on Sunday. (Reporting by Megan Davies)

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