TransCreditBank Approves its Regulation on Dividend Policy

The Board of Directors of TransCreditBank chaired by Ms. T.V.Paramonova moved to approve the Regulation on Dividend Policy which sets forth general principles of such policy, procedures for deciding on dividend distributions, calculation of size of dividend and setting time for payment of the same.

The document was produced in accordance with the Bank’s Charter and Corporate Governance Code which was approved earlier.  Approval of the Regulation on Dividend Policy is a further step in the Bank’s active efforts to implement best corporate governance practices with a view of setting up favorable framework for its development as a public company and improving its investment attractiveness.

Pursuant to the Regulation, TransCreditBank’s dividend policy is based on the following pillars:

- optimal matching of interests of the Bank and its shareholders;

- regard for and respect of shareholders’ rights as provided by the laws of Russia;

- transparency of mechanisms for determining the size of dividend and payment of the same.

The Regulation says that the Board of Directors for the purpose of determining the size of dividend to be proposed to GSM shall proceed from net profit calculated in accordance with Russian accounting standards.  Further, the recommended amount of dividend, generally, should be at least 10% of net profit.

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