Rosbank Acquires Societe Generale’s Stakes in Russian Energy Firms

Summary

  • The pronouncement released allows for Rosbank to acquire stakes in dominant energy firms like Rosneft and Gazprom, as well as in metal firms like Norilsk Nickel and Severstal from Societe Generale.
  • Societe Generale concluded the sale of its local Rosbank unit to Interros, a company associated with Russian oligarch Vladimir Potanin in May 2022, thereby exiting the Russian market.

Rosbank, as indicated by the official announcement, has been granted the authority to purchase shares in prime energy suppliers Rosneft and Gazprom (MCX:) that belonged to Societe Generale. Additionally, it has the option to acquire stakes in metal-based establishments like Norilsk Nickel and Severstal, alongside other prominent Russian corporations.

In a significant development that took place in May 2022, Societe Generale (OTC:) decided to withdraw from Russia. This led to the closure of the sale of its local arm Rosbank to Interros, a company with affiliations to the Russian billionaire Vladimir Potanin.

In conclusion, this financial transaction has the potential to impact forex and trading strategies, particularly those concerning assets of Societe Generale and Russian enterprises like Rosneft, Gazprom, Norilsk Nickel, and Severstal.

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