SocGen agrees to buy rival VTB's stake in Rosbank

Reuters
The logo of French bank Societe Generale is seen on a building in the financial district of La Defense near Paris
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The logo of French bank Societe Generale is seen on a building in the financial district of La Defense near Paris August 1, 2013. REUTERS/Benoit Tessier

PARIS (Reuters) - French bank Societe Generale (PAR:GLE) said it had agreed to buy Russian rival VTB's (MCX:VTBR) 10-percent stake in Russian lender Rosbank, bringing SocGen's stake in Rosbank to 92.4 percent.

SocGen, which in exchange is selling unidentified "Russian assets" to VTB, did not disclose the terms of the deal. It said the transaction would have a limited impact on its core Tier 1 capital ratio.

(Reporting by Lionel Laurent, Editing by Natalie Huet)

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