Sberbank leaves London Stock Exchange

18.05.2022,12:51


May 18, Fineko/abc.az. Russia's largest bank Sberbank plans to withdraw from the London Stock Exchange.

ABC.AZ reports that Sberbank has sent notifications of its intention to terminate the circulation of depositary receipts to the Financial Supervision Authority of the UK and to the London Stock Exchange.

The owners of the receipts can convert them into ordinary shares within 30 days. When converting, coefficient of 1:4 will be applied (one receipt entitles to four shares).

Western countries have included many Russian banks, including Sberbank, in the sanctions list because of the war in Ukraine.