On 18 July 2009, the Russian President signed Federal Law No. 181-FZ "On the Use of State Securities of the Russian Federation for Increasing Banks' Capitalization." The Law entered into force on 21 July 2009.

The Law provides for the possibility of exchanging banks' preferred shares for federal loan bonds. The shares are to be specifically issued for such exchange. This opportunity is open to banks that meet a number of criteria (for example, a certain credit rating and amount of assets to be specified by the Government).

As a result of the exchange, the Russian Federation will become a shareholder in the bank with a veto power over a number of issues considered at the general shareholders meeting or board of directors meeting and will be entitled to receive annual dividends.

The bank and its shareholders will be able to repurchase the preferred shares from the Russian Federation within a certain term. Ten years after they are issued, holders of preferred shares will be able to request their conversion into ordinary shares in the bank.

Issuance of the preferred shares and their repurchase by the bank's shareholders are exempt from a number of statutory requirements (for example, obtaining consents from the Central Bank and anti-monopoly authorities).