Support The Moscow Times!

Central Bank Confirms Sale

The Central Bank is ready to launch the sale of a 7.6 percent stake in Sberbank, the country's biggest bank, but no decision has been taken on timing, a senior official said Wednesday.

"In theory it [the placement] could take place at any moment," the regulator's first deputy chairman, Alexei Ulyukayev, told reporters.

"We are in a high state of technical readiness," he added, declining to comment on price.

The sale of the stake, worth $5.5 billion at its current market valuation, could help the bank widen its investor base and achieve a fairer value. It would also trim the Central Bank's ownership of Sberbank, on behalf of the state, to a bare majority.

Sberbank, Europe's second-largest lender after HSBC, had planned to sell the 7.6 percent owned by the Central Bank last September but postponed the deal following a collapse in global equity markets.


Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.