Bank Saint-Petersburg PJSC's supervisory board approved the repurchase of 12 million ordinary shares at a price of 53.5 Russian rubles per share.
Investors are invited to submit their shares for repurchase from Sept. 6 to Oct. 7. The planned share buyback is part of the bank's capitalization growth action plan, under which the financial institution wants to triple market capitalization by the end of 2020. Bank Saint-Petersburg already repurchased 12 million of its ordinary shares in 2018.
Bank Saint-Petersburg also said July 31 that the supervisory board approved amendments to its 2020 strategy, which envisages, among other things, an annual average loan portfolio growth of at least 10%.
As of July 31, US$1 was equivalent to 63.46 Russian rubles.