Our last seminar before the summer break took place on the 17th of June and was focused on Foreign banks in Russia with an analysis of Rosbank and UniCredit general ecosystems. It took place just before the SPIEF 2013, during which event Société Générale confirmed its objective of making 15% ROE by 2015.
Societe Generale “didn’t identify any direct risks” from a financial point of view from Golubkov’s case, Deputy CEO Bernardo Sanchez Incera told shareholders at an annual meeting last month. It is is monitoring indirect risks from the case, he said.
That the Bank’s top management was not warned in advance -as as courtesy- of such a high visible move as the Golubkov arrest clearly sends a worrying signal, to which situation Rosbank’s corporate and retail clients have already reacted :
During a month, 19.5% of corporate customer funds and 1.2% of retail deposits were withdrawn from Rosbank, part of Societe Generale Group, according to Rosbank’s financial statements seen by Izvestia.
Our presentation on the 17th of June can be downloaded here : 20130617_RusBanking_Webinar_vF.pdf
Our RussoScopie seminars will restart in September, on the 16th : registration is open. The topic will be Russian Foreign Direct Investments in Europe and European FDIs in Russia. In the meantime, enjoy a pleasant summer.