Bank Saint Petersburg adopts Development Strategy for 2016-2018
At the meeting held on December 18, 2015 the Supervisory Board of Bank Saint Petersburg approved the Bank's Development Strategy for 2016-2018:
- The key financial goal remains a long-term growth of shareholder value and ROAE recovery to 15% on the horizon till 2018.
- The key priority is growth, both organic and by potential mergers and acquisitions.
- The strategy also envisages further development of the retail business with retail loans share’s increase as well as strengthening of leadership in the electronic environment.
The Supervisory Board approved the acquisition of the Bank's outstanding shares. The price of acquisition approved is RUR 46 per share. The number of shares to be acquired is 13,800,000 (3.0% of the share capital). The applications of the shareholders or withdrawal of these applications may be submitted from 22 January to 24 February, 2016. Should the total number of shares for which the acquisition requests were submitted by the Bank's shareholders exceed 13,800,000, the shares will be acquired from the shareholders pro rata to the requests submitted.
The Supervisory Board also adopted the regional expansion concept for the Bank's corporate business and assigned the management to address the issues of opening the Bank's representative offices in Novosibirsk, Ekaterinburg and Krasnodar.