Sberbank decided not to return a subordinated loan for 150 billion rubles

The head of Sberbank German Gref said that the bank does not plan to return to the treasury a perpetual subordinated loan for 150 billion rubles. The organization received it from the Central Bank in April 2020 as part of a deal to sell a controlling stake in Sberbank.

According to Mr. Gref, if the bank repays the loan, it will lose the opportunity to pay dividends in such volumes. He also noted that “this is not particularly beneficial to anyone” – primarily to the shareholders of a credit institution, so now the issue is not on the agenda.

“It is possible to return a subordinated loan, only in this case our shareholders will lose. So what’s the point of repaying a subordinated loan? It does not interfere with anyone, it does not interfere with us, it is already in our capital, an appropriate legislative framework has been made for this. If the question of its return arises, I think we will be able to return it, but so far this issue is not with us, ”he said during a press conference (quoted by Interfax).

Sberbank net profit under IFRS in 2022 fell 4.5 times, up to 270.5 billion rubles. At the same time, the bank returned assets worth $6 billion from abroad. Its shareholders for the first time since 2000 decided not pay dividends for 2021. March 7 German Gref at a meeting with President Vladimir Putin declaredthat the bank “ended its unprofitable period”.

Laura Keffer