May 7, 2020 / 11:14 AM / a month ago

Sberbank to target dividend payments of 50% of net profit - c.bank

MOSCOW, May 7 (Reuters) - Russia’s central bank said on Thursday it has agreed with the finance ministry that Sberbank , in which the ministry has just acquired a controlling stake, will target dividend payouts of no less than 50% of its net profit through to April 2023.

Russia’s Finance Ministry last month completed its purchase of the stake in the country’s largest lender from the central bank for 2.14 trillion roubles ($28.31 billion).

The central bank said the agreement will also allow the finance ministry to appoint no more than four board members of Sberbank, including one central bank official. (Reporting by Elena Fabrichnaya; Writing by Gabrielle Tétrault-Farber; Editing by Jan Harvey)

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