Gazprombank could split shares at 1:20
MOSCOW. Feb 9 (Interfax) - Shareholders in Gazprombank will vote on a share split at a ratio of 1:20 at a meeting in absentia on March 12, the bank said.
One ordinary share, par value 1,000 rubles each, would be split into 20 shares, par value 50 rubles each. A total of 490,645,540 shares would be issued for the split. Shareholders on record as of February 16 will be entitled to vote.
The bank's press office did not say why the shares would be split.
Gazprombank currently has 24,532,277 issued ordinary shares and 39,954,000 preferred Type A shares, par value 1,000 rubles each. The preferred shares appeared at the end of 2014 when Gazprombank placed 39.95 billion rubles in preferred shares in favor of the government. The government, in a measure of support for the banking sector, bought the shares with the proceeds from the repayment by Gazprombank of a subordinated Vnesheconombank (VEB) deposit.
Gazprombank was Russia's third largest bank by assets, according to the Interfax-100 ranking at the end of 2014.
