SberBank Online users can now exchange shares in mutual funds

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AK&M 10 February 2021 23:41

SberBank Online has enabled the exchange added the option of exchanging the shares in Sber Asset Management’s open-ended mutual funds, the bank informed.

It usually takes up to three business days to have the shares exchanged, which among other things is because shares are being valued at the end of a trading session on the Russian and foreign exchanges. After that, the shares are converted and credited to a client’s account.

Earlier, SberBank Online users were allowed to buy and redeem shares of 18 open-ended mutual funds, open personal investment accounts with a turn-key strategy, and invest in discretionary management strategies with Sber Asset Management.

Sberbank of Russia (tax number: 7707083893) is the largest bank in Russia, Central and Eastern Europe. The Bank is the principal lender to the Russian economy and has the highest share in the market of deposits. The bank’s authorized capital is RUB 67.76 billion. It consists of 21,586,948 thousand common shares and 1 billion preferred shares with a face value of 3 rubles each. The Russian Federation represented by the Ministry of Finance owns 52.32% of Sberbank’s total voting shares.

IFRS net profit of Sberbank for 3Q 2020 increased by 73.9% to RUB 271.4 billion, net profit from continuing operations amounted to RUB 265.6 billion (+15.1% YoY). Return on equity reached 22.8%, return on assets was 3.2%. The group’s loan portfolio totaled RUB 24.5 trillion at the end of the third quarter, including RUB 8.9 trillion in retail loans (+74%), RUB 15.7 trillion in the corporate loan portfolio.

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