French Societe Generale to take control of one of Russia’s biggest banks

French Bank Societe Generale says it's taking control of Russia's Rosbank by boosting its stake to 50% plus one share. It's reported the transaction will be completed by next February.

Societe Generale has received approval from the Russian Central Bank and anti-monopoly watchdog to go ahead with the buy-out of an additional 30% plus two shares in Rosbank.

Rosbank is one of Russia's largest banks with around 600 branches across the country.