Interros to transfer up to 50% of Rosbank's shares to endowment of charitable foundation, another 10% as DFA to incentivize bank's employees

MOSCOW. Sept 14 (Interfax) - Vladimir Potanin's Interros, which acquired Rosbank from Societe Generale in April of this year, has begun the process of transferring up to 50% of the bank's shares to Potanin's charitable foundation, according to Potanin's statement on the topic posted on Wednesday on Interros's Telegram channel.

Following the transfer of up to 50% of Rosbank's shares, the Potanin Foundation's endowment will reach the planned total of 100 billion rubles that should ensure the financial stability and longevity of its charitable programs.

"In turn, the foundation becomes an independent charitable organization with independent governing bodies," Potanin stressed.

Interros is transferring another 10% of Rosbank's shares to an incentive program for the bank's employees, which will be launched in digital form, Potanin said. In his opinion, the transfer is in line with the idea of "people's capitalism", when transforming companies' employees into the beneficiaries, and digital financial assets (DFA) are the most realistic form for this.

Potanin said that the steps would solidify Rosbank's independent status, "with the main role being played by the board of directors, where the majority are independent directors," he said.

"The decisions taken are not my first and not my last steps in transferring capital for socially useful purposes," Potanin added.

An endowment is income used for non-commercial purposes, for example, to finance organizations in the areas of education, culture, and science. The minimum timeframe for forming one in Russia is for 10 years, until which time the endowment itself must remain, and only income from it can be spent. Endowments appeared in Russia in 2007, when the law "On the procedure for forming and using the endowed capital of non-profit organizations" was adopted.

"I am sure that the [Potanin] Foundation's team will successfully continue its systemic support of innovative educational, cultural and sport projects, and will develop philanthropy. The community of experts that has developed around the foundation will assist in maintaining high standards of efficiency and transparency in its activities," Potanin said on Wednesday.