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Exclusive: Russia's VTB agrees deal to sell Rosbank stake to Societe Generale - source

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(Globalpost/GlobalPost)

MOSCOW (Reuters) - Russia's second-largest bank VTB has agreed to sell its stake of around 10 percent 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.

Under the deal, the French bank will sell VTB shares it holds in Russian companies, loans to Russian companies and Russian real estate assets, the source said.

Rosbank was not immediately available for comment. VTB and SocGen declined comment.

(Reporting by Megan Davies; Additional reporting by Lionel Laurent in Paris; Editing by Steve Gutterman)

http://www.globalpost.com/dispatch/news/thomson-reuters/131006/exclusive-russias-vtb-agrees-deal-sell-rosbank-stake-societe-ge