23 May 2008
The Board of Directors has proposed an allocation of 14.5 million rubles from the Bank’s 2007 net profit for payment of dividends. The General Shareholders’ Meeting which will be held on June 27, 2008 will vote on his recommendation.
Recommended dividends for ordinary shares is 5% of their nominal value of 10 rubles or 0.5 rubles per share and for preference shares 20% of their nominal value of 10 rubles or 2 rubles per share. This is unchanged from the rate of dividends paid in 2006.
During the press conference last month on the 2007 financial results, Dmitry Orlov, President Vozrozhdenie, said, “The Bank is not planning to increase the dividend rate from 2006 as the rapid growth in the Bank’s business made it appropriate to retain the largest part of the profit to reinvest the business” The Bank’s Board of Directors confirmed this plan by its decision.