Troubled French lender Société Générale is backing down from the acquisition of one of Ukraine’s largest banks in the wake of €4.9bn ($7.2bn) of losses made by a rogue trader in its Paris office.

Kreditprombank was to have been bought by Société Générale for €450m after the French bank beat rival bids from Austria's Erste Bank and National Bank of Greece, but the French bank is considering pulling out of the deal according to Ukrainian business daily Ekonomicheskie Izvestiya.