PJSC Tatneft Board Approves Acquisition of Ak Bars Bank Shares

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RNS Number : 4698G

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PJSC Tatneft

29 May 2017

26 May 2017

The Board of Directors of PJSC TATNEFT approved the acquisition of shares in PAO AK BARS BANK

On 26 May 2017 the Board of Directors of PJSC Tatneft resolved to acquire five billion ordinary shares of PAO AK BARS BANK at 1 Ruble per share placed in the course of additional issuance of shares by PAO AK BARS BANK with the aggregate value of 10 billion Rubles (addition share issuance state registration number 10402590B006D dated 9 March 2017).

As a result of the proposed acquisition the financial investments of Tatneft Group into the capital of PAO AK BARS BANK will increase and the total shareholding, inclusive of the shares currently owned, will amount to approximately 17.24%.

PAO AK BARS BANK is a universal credit organization of the federal level, the leader of the banking sector of Tatarstan, which is consistently ranked in the top 20 of the Russian Federation's largest banks by the size of core capital. Today PAO AK BARS BANK serves over 3.4 million retail and over 80 thousand business customers, including Tatneft Group's clients and suppliers.

These materials contain inside information.

Forward-looking statements: These materials contain statements about future events and expectations that are forward-looking in nature. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to differ. PJSC Tatneft assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.

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(END) Dow Jones Newswires

May 30, 2017 02:16 ET (06:16 GMT)