The Board of Directors considered the cost effectiveness report on the stakes held by Gazprom and its subsidiaries in the charter capital of banks and financial companies.

It was noted that the operations of the said companies considerably promoted Gazprom’s high operational and financial performance.

The Management Committee was tasked to continue the efforts aimed at increasing the profitability of investments made by Gazprom and its subsidiaries in the charter capital of banks and financial companies.

Background:

Gazprombank and Belgazprombank are the largest companies with Gazprom as a shareholder in the banking and finance sector.

Gazprombank renders a wide spectrum of services to Gazprom Group, including the internal payment transactions and creation of the system for the Group’s liquidity management. Gazprom holds a 41.725 per cent stake in the bank.

Belgazprombank is the bank authorized to settle payments between Gazprom and the companies based in the Republic of Belarus. The bank also renders banking services to Gazprom’s subsidiaries operating in the Republic. Gazprom holds a 49.02 per cent stake in the bank.