Sberbank mulls GDR issue backed by existing shares

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Sberbank mulls GDR issue backed by existing shares - Gref

MOSCOW. July 23 (Interfax) - Sberbank Russia is examining opportunities to issue Global Depositary Receipts (GDR) to be backed with existing shares.

"We actually are thinking about that. Most likely it would be a conversion," Sberbank CEO German Gref told journalists on Wednesday.

Sberbank is currently holding consultations with the Federal Financial Market Service (FFMS). "The legislation needs to be changed or, shall we say, the sublegislative acts," he said.

Gref did not specify a timeframe for the GDR program. "As soon as the time is right we will definitely do that," he said.

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