Bank Saint Petersburg Announced Share Buyback
During its August 2, 2018 meeting, the Supervisory Board of Bank Saint Petersburg has resolved to acquire 12,000,000 ordinary shares of the Bank in book-entry form. The approved price of acquisition is RUB 55 per share. Shareholders' offers for the sale of their shares to the Bank may be submitted from September 7, 2018 to October 7, 2018.
Mr. Alexander Savelyev, Chairman of the Management Board, commented:
“In the first half of the year we stated our disagreement with fundamental undervaluation of the Bank’s shares and announced plans aimed at increasing of their market value. The share buyback commenced today will be the first step in this direction. The next step is the action plan for the Bank’s market capitalization growth which will be considered by the Supervisory Board in autumn.”