Bank Saint Petersburg’s Supervisory Board approved recommendations to AGM
On April 8th, 2020, Bank Saint Petersburg’s Supervisory Board meeting was held.
Coronavirus pandemic’s impact on economic environment is significant. It creates necessity to maintain extra capital. In these conditions, following global market tendencies and in line with regulator’s measures aimed on Russian banks’ capital strengthening, the Bank’s Supervisory board, took a decision to recommend AGM not to pay out dividends on ordinary shares for 2019 and to waive potential share buy-back.
Comments by Alexander Savelyev, Chairman of the Management Board:
“We fully realize coronavirus pandemic’s impact on global economy, as well as a role that the Bank plays in its customers’ lives in these difficult times. Like other banks from all over the world, we need capital to go on lending to the economy, but most importantly – to support our borrowers in their time of need. That’s precisely why we resolved to pay no dividends on ordinary shares. Conditional on the economy stabilization we intend to consider the issue of dividends in the second half of 2020”.
The Supervisory Board recommended to pay out RUB 0.11 per preferred share in accordance with the Bank’s Charter. Total preferred share dividend payout amounts to RUB 2 211 000. Dividend cut-off date is June 8th, 2020.
The Supervisory Board also approved the AGM format. Annual General Shareholders’ Meeting of Bank Saint Petersburg will be held on May 27th, 2020 in the form of absentee voting. AGM cut-off date is May 2nd, 2020.
Other than that, the Supervisory Board discussed Bank's FY’19 Annual report, audited RAS financial statement for FY’19, the plans for 2020 of one of the strategic priorities – EXIM operations, as well as other matters.
Maximal comfort and security for the customers will always remain the Bank’s top priority, with banking operations continuity being of utmost importance as well.
The Bank carries on supporting its clients, launching for both retail and corporate customers an ecosystem “#ЯМОГУ_ОНЛАЙН” (#ICAN_ONLINE). It involves financial services relevant for 100% remote interaction conditions. The Bank improved its online-banking, all customer activities in internet bank and mobile app are highly secure and convenient, the Bank provides completely continuous customer service.
Bank Saint Petersburg is the leading privately-owned bank of the North-West of Russia. As at January 1, 2020, the Bank provides services to 2 232 000 individuals and 50 000 corporates through its 64 offices in St. Petersburg, the Leningrad region, Moscow, Kaliningrad and Novosibirsk. It ranks 14th in terms of assets among Russian banks (according to Interfax). The Bank’s shares are traded since 2007 and quoted in the top listing level of the Moscow Exchange with stock ticker BSPB.