Société Générale Sells Russian Bank to Oligarch

French banking giant Société Générale SA said it would exit Russia, sell its operations to one of Russia’s richest people, and take a more than $3 billion hit to its income.

The French bank said Monday that it was selling its entire stake in Rosbank and its Russian insurance units to Interros, a conglomerate controlled by metals billionaire Vladimir Potanin. Interros previously controlled Rosbank.