Russian Central Bank to Sale off Majority Share in Sberbank

RussianIn order to raise $5.7 billion, Russian Central Bank has proposed to sale off a portion of its majority venture in OAO Sberbank, which is under the control of the state.

In a statement, released on Monday, Central Bank stated that it will be selling 7.6% of its stake, as the government is looking forward to lessen its role played in the economy of the country.

The central bank and Sberbank said, “Bank Rossii is offer the equivalent of 1.71 billion shares in ordinary and global depositary stock at a range of 91 rubles to the market price at the time the order book closes”.

Accordingly, there will be an increase at the current exchange rate by 156 billion rubles or $5.1 billion by selling at the low end of range.

Finance ministry suggested that the strategy of selling is a part of a plan laid by the Russian government, who is thinking of raising 1.5 trillion rubles through 2015. It is being suspected that the share of Bank Rossii in Moscow-based Sberbank will lower down by 50% along with a share.

Economy Minister Andrei Belousov asserted that the previously thought plans regarding privatization for this year will be postponed till 2013.