Sber Group to buy Sberbank shares for up to 50 billion rubles in 2022-2025 for the long-term employee remuneration program
Jan 20, 2022
Sber CIB, a subsidiary of Sber Group, will purchase Sberbank ordinary shares in the amount of up to RUB 50 bn in 2022-2025 for its long-term employee remuneration program, in accordance with a decision made by the Sberbank Executive Board.
The purchase will take place on the Moscow Exchange through its over-the-counter trading infrastructure. The purchase does not apply to depositary receipts for Sberbank ordinary shares.
The long-term stock motivation program for Sber's employees was adopted in 2021. In the first program cycle, more than 1,000 key employees of the company, from experts to vice presidents, became participants of the program.
The program to be executed in three-year cycles with annual interim payments. The cycles will be launched on an annual basis. For the first cycle of the program, the company is launched in late 2021, shares already held by Sber Group is used. The stock portfolio formed as a result of the of the acquisition will be used in future program cycles.