PRIME-TASS. Losses suffered by Societe Generale in the Russian retail segment amounted to €24 mn in January-March 2010 against €28 mln a year ago, Prime-TASS reported quoting the banking group’s report.
Overall, during the reporting period profit of its international retail business reached €114 mln, while net profit came to €1.06 bln vs. €278 mln losses last year.
The group noted in the report that in the first quarter of 2010 no signs of recovery in consumer lending were seen in Russia, although by the end of the reporting period “some traces of recovery became visible”.
As wired earlier, the group hopes Russian units will break even by the end of 2010.
In mid-February SG announced the establishment of a single universal bank on the basis of Rosbank and BSGV (with two independent brands to be retained), while two specialized companies — Rusfinance Bank (the consumer lender) and DeltaCredit (the mortgage lender) — will become fully owned subsidiaries of the combined bank. After approval is obtained from relevant authorities and the merger is finalized Societe Generale will own 81.5% of the new bank. The remaining securities will be primarily controlled by Interros Group.
