Societe Generale can see an 'extreme scenario' where Russia strips the bank of its local operations, it said on Thursday, in one of the starkest warnings yet from a Western company about the potential fallout from the war in Ukraine.
Says has $20 billion of exposure to Russia, but could copeRegulators prepare for possible closure of VTB Europe -sourcescan see an "extreme scenario" where Russia strips the bank of its local operations, it said on Thursday, in one of the starkest warnings yet from a Western company about the potential fallout from the war in Ukraine.
The French bank, whose $20 billion exposure to Russia is one of the largest among foreign lenders, said it was working to reduce risks in the country, as European banks review business in Russia amid escalating tit-for-tat sanctions with the West. "The group has more than enough buffer to absorb the consequences of a potential extreme scenario, in which the group would be stripped of property rights to its banking assets in Russia," Societe Generale said., meanwhile, is conducting a strategic review of its presence in Russia following Moscow's invasion of Ukraine, a spokesperson said.
Bank shares have been battered in recent days amid fears of possible writedowns, lower revenue, weaker economies and sanctions fallout. Their stocks traded mostly higher on Thursday. Regulators are also preparing for a possible closure of the European arm of Russia's second-largest bank, VTB Bank
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