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Russia's second-largest bank VTB has agreed to sell its stake of around 10 per cent in Societe Generale's Russian unit Rosbank to the French bank, while SocGen will sell VTB a number of Russian assets, a source close to the deal said on Sunday.
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. That followed upheaval at Rosbank when the bank's Chief Executive Vladimir Golubkov was charged with bribery. Golubkov was later dismissed from the bank. Under the deal, VTB will sell the Rosbank stake to SocGen while the French bank will sell VTB shares it holds in Russian companies, loans to Russian companies and Russian real estate assets, the source said.
The source did not disclose a monetary value for the deal.
Analysts have said VTB's stake could be worth around $300 million and identified SocGen as the only likely buyer. The price VTB paid for the asset in 2010 was not disclosed at the time. The deal is expected to close in the fourth quarter, the source said.
