VTB sells 10% stake in SocGen's Rosbank VTB, Russia's second-biggest bank, has confirmed that it will sell its entire 10 per cent stake in the Russian unit of Société Générale to the French bank, as both banks move forward with their strategic initiatives in the country following recent upheaval. State-controlled VTB bought into SocGen's Rosbank subsidiary in 2010. However, it said it would look to dispose of its stake after its chief executive was arrested on bribery charges in May. SocGen, meanwhile, has again reaffirmed its commitment to Russia, with the bank's chief executive Frédéric Oudéa recently telling the Financial Times that he would target a 15 per cent return on equity in the country as it looks to develop a substantial presence behind market leaders Sberbank, VTB and Gazprombank. Following completion of the deal with VTB, which is expected to be by the end of the current quarter, SocGen's ownership of its Russian subsidiary will rise to 92.4 per cent. Under the terms of the deal, VTB will receive "certain Russian assets," including shares of highly liquid issuers as well as some loans and property assets, in exchange for its 10 per cent stake in Rosbank. Herbert Moos, deputy president and deputy chairman of VTB, said: "We are pleased to announce that we have reached an agreement with Société Générale. The sale of VTB's stake in Rosbank before the end of 2013 was a strategic goal for VTB, and I am happy that we have found a solution in the interests of both VTB and Société Générale that will allow both banks to concentrate on growing their core businesses.