Changes in the shareholding of Bank

The management of Bank Saint Petersburg, OJSC is purchasing 11.4 per cent. of the Bank’s shares from the companies controlled by Mr. Dmitry Troitsky and Mr. Dmitry Korzhev. As a result the stake controlled by the management would exceed 60 per cent., while Dmitry Troitsky and Dmitry Korzhev remain the owners of 11.4 per cent. of the Bank’s voting shares. The deal is to be completed by the end of 2008.  

The decrease of Mr. Troitsky and Mr. Korzhev’s share in the Bank’s equity arises from the successful accomplishment of their strategic investment goals. The companies under their control, CJSC “NEVA-RUS” and CJSC “Sovmestny Kapital” became the Bank’s shareholders in 2005. In 2007 they favoured the idea of the Bank’s IPO, which allowed to receive a fair value of the Bank and to boost its’ further development. “We are happy with the results achieved during the years of our cooperation with the Bank,” Dmitry Troitsky is commenting, “We have met the objectives set out before investing into the Bank’s capital and wish to diversify part of our funds to other projects”.

Commenting upon the oncoming changes in the shareholders’ structure the Chairman of the Management Board of the Bank Mr. Alexander Saveliev said: “We don’t anticipate any changes in the Bank’s strategy since the shares have been purchased by the existing shareholders supporting the development of the Bank. The management believes in the future prospects of the Bank and deems the Bank’s shares an attractive investment. By increasing our shareholding we lay a foundation for a successful growth of the Bank in the nearest years”.