NEWS & EVENTS: Breaking News
02.07.2009 10:01
July 2. The Duma members have adjusted the draft law on additional bank capitalization via OFZs and given Russian lending institutions the ability to repurchase from the state their preferred shares and extend the buyback right for another year. Capitalization via OFZ special issues is expected to be available to Russian banks with assets over RUB 50 bn and in exchange the state will require dividends, the possibility to convert preferred shares into commons and will hold the right to veto a number of issues. In addition to a shareholder, which can exercise a buyout right until December 31, 2013, a bank itself can buy prefs from the Russian Federation, the draft law says. Such opportunity will be provided during 2014 or until January 1, 2014 if a shareholder assigns it such a right. The pre-emptive right for a shareholder for pref buyout will remain in effect until December 31, 2013.
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