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Putin inks law on banks converting subordinate loans into preferred shares

July 22, 2014, 18:58 UTC+3 MOSCOW
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MOSCOW, July 22.  /ITAR-TASS/. Russian President Vladimir Putin has signed a law allowing banks to convert subordinate loans into preferred shares to increase their financial stability on Tuesday.

The banks are allowed to transform the subordinate loans given to them by state-owned Vnesheconombank (VEB) during the crisis of 2008-2009 into preferred shares. The shares will not be accounted in the banks’ capital and will not receive dividend payouts.

The banks will consider the conversion during their annual general meetings.

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