Société Générale SA unit PJSC ROSBANK wants to become the largest foreign-owned lender in Russia in terms of assets within the next three years as part of its 2020 strategy, Kommersant reported March 15.
The bank plans to expand its corporate portfolio by 10% per year and focus on serving the largest Russian companies, medium-sized businesses and multinational firms, the report noted.
Rosbank, whose assets amounted to 969 billion Russian rubles as of the third quarter of 2017, is Russia's second-biggest foreign-owned bank, behind UniCredit SpA unit JSC UniCredit Bank, which has 1.2 trillion rubles in assets, Kommersant noted. Experts cited by the newspaper said Rosbank's aim to overtake UniCredit was realistic given current trends and SocGen's preparedness to take on additional Russian risk.
As of March 15, US$1 was equivalent to 57.44 Russian rubles.
