MSCI to Remove Sberbank’s Preferred Shares From Russia Index

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MSCI Inc. said it will remove OAO Sberbank’s preferred shares from its Russia stock index.

The New York-based index provider said in a statement that the change takes effect as of the close of trading on May 29. The stock has rebounded 31 percent in Moscow after plunging 53 percent last year amid Russia’s worst financial crisis since the country’s 1998 default.

The removal came as part of MSCI’s announcement of the semi-annual rebalancing of its indexes, to which an estimated $9 trillion of assets are benchmarked.

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