A senior Russian banker said nine private banks, among Russia's biggest, suggested Thursday that the government temporarily cede its stakes in companies to be auctioned off this year to a trust which banks would set up and manage.
The proposal was made by Uneximbank president Vladimir Potanin on Thursday at a government meeting.
Potanin said the consortium was ready to offer the government 9 trillion rubles ($1.84 billion) -- the revenue target from this year's privatization sales -- in exchange for controlling packages of state-owned shares in Russian enterprises.
Independent NTV television cited him as saying the project would give banks control over privatized firms.
Finance Minister Vladimir Panskov reacted favorably to the suggestion. "It's not a bad idea. We'll treat this proposal seriously and we'll work with these banks," he told NTV.
"Of course these banks are not offering any favors, they want to make money. But if this will be profitable for Russia's banks, it should be profitable for Russia's government as well."
Share packages will soon be offered in major enterprises including 38 percent of metals giant Norilsk Nickel, 15 percent of Rostelekom and 10 percent of electricity monopoly UES.
Government spokesman Valery Grishin said Prime Minister Viktor Chernomyrdin gave the banks two weeks to come up with details, but the project must be coordinated with the Central Bank and Finance Ministry.
The consortium includes Uneximbank, Stolichny Bank, Imperial Bank, Inkombank, Toko Bank and Menatep Bank which represent some of Russia's most powerful industrial groups. Imperial Bank's owners include Gazprom, one of Russia's most effective lobbies.
The battle for control of privatized companies is one of the most bitter political struggles in Russia, involving Soviet-era company directors, politicians, bureaucrats, foreign investors and regional administration heads.
Thousands of state firms have been sold to private owners -- in many cases their former managers. A lively private sector is fast filling the vacuum left by a declining state economy.
Business and banking groups of the young private sector are becoming influential in the government and in parliament. Banks are expanding into insurance, real estate and industry.
The government would benefit from having big banks on board when it sells shares to fund its soaring budget deficits.
But the proposal is certain to draw the ire of rival interest groups vying for power in the government.
Interfax said the heads of the Fuel and Energy Ministry, the Communications Ministry and the State Precious Metals Committee opposed the proposal, saying it would not encourage new investment.
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