Supervisory Board of Bank Saint Petersburg Holds its Scheduled Meeting
The Supervisory Board of Bank Saint Petersburg has resolved to postpone the approval of the Bank's Dividend Policy to 1Q 2015 due to financial market volatility.
The Supervisory Board approved the report summarizing share repurchase requests submitted by the shareholders of Bank Saint Petersburg in view of reorganization through merger of Bank Evropeisky into Bank Saint Petersburg. Such requests concerned 33.95 million shares with a total value of RUB 1,119 million. The vast majority of requests were submitted by non-resident shareholders, while the Bank's mainstay partners, EBRD and East Capital Group, supported its business strategy and remain its shareholders. Share repurchase procedures must be completed within 30 days following the final date for accepting repurchase requests. Share repurchase will not have any significant impact on the Bank's capital adequacy.
The Supervisory Board also opted not to place domestic bonds of Bank Saint Petersburg (by cancelling Resolution of the Bank's Supervisory Board dated August 23, 2010, concerning placement of domestic bonds of Bank Saint Petersburg, series BO-03, BO-05, BO-06, BO-07).
In line with its continuous corporate governance improvement efforts, the Supervisory Board passed a resolution approving advisory qualification requirements for candidates to the Supervisory Board of Bank Saint Petersburg and qualification requirements to candidates to the Management Board, as well as the list of the Bank's key management positions.