Bank Saint Petersburg could buy back 20 mln shares

ST. PETERSBURG. July 25 (Interfax) - The supervisory board at Bank Saint Petersburg has authorized the repurchase of up to 20 million ordinary shares, the bank said.

The buyback will take place from July 29, 2024 until January 29, 2025.

The bank regularly buys back ordinary shares to boost their liquidity. The board discusses buybacks twice per year. The bank cancels the shares it buys.

The last time the bank announced a buyback was in the autumn of 2022. It decided in November that year to buy back 22 million shares for potentially up to 2.5 billion rubles between November 15, 2022 and November 15, 2023.

The bank purchased 13.65 million ordinary shares for 1.024 billion rubles in its previous buyback that ended in October 2021.

Bank Saint Petersburg was Russia's 17th biggest bank by assets, according to the Interfax-100 ranking of the country's major banks, at the end of Q1 2024.