French banking group Societe Generale said on Monday (Apr 11) it was ceasing activities in Russia and selling its majority stake in Rosbank, weeks after Ukraine's leader urged French firms to leave over Moscow's invasion of his country.

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Societe Generale said in a statement that its withdrawal from Russia would cost it 3.1 billion euros (US$3.4 billion).

"Societe Generale ceases its banking and insurance activities in Russia," the firm said in a statement.

It also announced "the signing of a sale and purchase agreement to sell its entire stake in Rosbank and the Group's Russian insurance subsidiaries" to Interros Capital, an investment firm founded by one of Russia's richest oligarchs, Kremlin confidant Vladimir Potanin.

"With this agreement, concluded after several weeks of intensive work, the Group would exit in an effective and orderly manner from Russia, ensuring continuity for its employees and clients," Societe Generale said.

The bank said it expects the deal to be completed in the coming weeks and that it was subject to approval from regulators.

Societe Generale shares sank by more than 5 per cent following its announcement.