MOSCOW, September 28 (RIA Novosti) - Societe Generale SA will raise its share in Rosbank, a leading Russian commercial bank, to 20% minus one share, France's third-largest bank in terms of assets said Thursday.
Societe Generale and financial holding Interros, which owns Rosbank, announced that the French bank was planning to buy a second 10% stake in Rosbank for $317 million. In June 2006, Societe Generale bought a similar package at the same price.
Societe Generale also signed an option to buy 30% plus two shares in Rosbank for $1.7 billion, which will allow the French bank to obtain control over Rosbank by late 2008.
The bank plans to sell its own stock, worth 2.4 billion euros ($3 billion), to fund the deal to purchase the Rosbank stake and other deals.
Rosbank is among Russia's 30 largest banks. Its main shareholder is KM Technologies (Overseas) Limited, which is part of Interros (79.9%).
