MOSCOW, Jan 20 (PRIME) -- Sberbank CIB, a subsidiary of Russia’s top bank Sberbank, will buy back up to 50 billion rubles of shares of the parent bank in 2022–2025 that the bank will use in a long-term incentive program for employees, the bank said in a statement on Thursday.
Sberbank CIB will buy the shares on the Moscow Exchange and at the over-the-counter market within the infrastructure group of the Moscow Exchange. The buyback program does not cover depositary receipts for the shares of Sberbank.
Approved in 2021, the program’s first cycle includes over 1,000 employees of the bank from experts to vice presidents.
(76.8697 rubles – U.S. $1)
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