Sberbank not thinking of converting prefs - Zlatkis
MOSCOW. Sept 17 (Interfax) - Sberbank is not thinking of converting preferred shares into other types of share, the bank's deputy CEO, Bella Zlatkis, told reporters.
"The instrument of preferred shares is not in itself detrimental," she said.
Sergei Shvetsov, deputy chairman of the Central Bank, said regarding the possibility of converting prefs that on the contrary, the CBR was looking into diversifying types of shares in the Russian market in general.
"The share of prefs is, as you know, very small. We're not currently discussing this issue [the conversion of prefs]," Sberbank's Zlatkis said.
Regarding the situation with Sberbank's prefs, the CBR's Shvetsov said: "We're discussing corporate governance reform in general in Russia, and one element of that reform is, on the contrary, the introduction of a variety of shares. From my point of view, the prefs are not getting in Sberbank's way."
Asked whether there was a risk a substantial portion of Sberbank's profit would be paid on prefs, Zlatkis said: "No, I don't think so at all. All those specifics to do with profit distribution for preferred share dividends are not burdensome for Sberbank at all, given the negligible portion of prefs."