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Russia: Rosbank CEO detained

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Russia: Rosbank CEO detained

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Russian police have arrested Vladimir Golubkov, the Chief Executive Officer of Rosbank – which is owned by France’s Société Générale.

Golubkov was detained and is being held on suspicion of taking and soliciting bribes.

The raid came after the Russian government stated it would crack down on corruption in public life.

Rosbank is one a dwindling number of western banks in Russia. Barclays and HSBC pulled out after finding they could not compete against state-backed Sberbank.

Société Générale had recently reaffirmed its commitment to operating in Russia.