By Marcus Williams
Societe Generale, France’s second largest bank, and its partner Interros today announced they are combining their banking operations in Russia.
Rosbank and BSGV, will be merged into a single unit but still retain two separate brands.
The new entity will have the specialised mortgage and consumer lending companies Rusfinance and Delta Credit as its subsidiaries.
Societe Generale will hold 81.5% stake in the new bank, while Interros headed by oligarch Vladimir Potanin will hold the rest, according to a statement.
The group will employ 30, 000 people in all and become the fifth-largest player in the Russian banking sector by the size of credit portfolio. It will have a network of more than 750 branches and across the country.
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