Page 80 - RusRPTJun20

8.1.8 ​Sberbank news
Russia’s largest bank ​Sberbank has opened a commodities markets trading company based in Zug, Switzerland ​as part of the bank’s strategy to expand this business line, the company said in a statement on May 29. Sber Trading Swiss AG will become the main hub of Sberbank's international physical commodity trading, the bank said. Denis Lunin has been appointed as CEO. Previously he was responsible for physical commodities and fixed income business development in a number of Russian and international banks. Sberbank already has a physical commodity trading infrastructure in precious metals under its subsidiary PAO Sberbank, and the local physical trading house OOO SB Commodities Trading.
The supervisory board of Russia’s largest bank ​Sberbank met on May 19 and decided to delay its AGM from 26 June to 25 September ​at the order of Russian President Vladimir Putin. That means the decision of on the 2019 dividend size will now only be addressed in August, the bank said on May 19.
The record date for dividend payments has now been moved to October 5. Investors will be watching closely as the bank said earlier that it intends to increase the dividend payments closer to 50% of net profits, but that looks unlikely to happen now. ​The bank’s income plunged by 85% according to the bank’s April RAS accounts, and the return on assets was down from the 20s to only 3% are the full force of the doubled headed crisis hits the bank’s business.
Sberbank’s CEO German Gref provided some comments on the current situation at the meeting. He said it is too early to estimate potential pressure on provisions, but Sberbank would stay profitable in any scenario.
Gref expects loan demand to recover in the autumn, given current pressure
80​ RUSSIA Country Report​ June 2020 ​ ​www.intellinews.com