Bank of Russia to sell controlling stake in country’s biggest lender
Central bank will sell stake in Sberbank to finance ministry and is likely to pass most profits to state
Russia’s central bank has announced plans to sell its controlling stake, worth hundreds of billions of dollars, in the country’s largest lender to the finance ministry.
The Bank of Russia said on February 11 that it would sell its stake of 50% plus one share in Sberbank to the finance ministry at what it called a market price. The central bank’s stake in Sberbank was valued at around 2.8 trillion rubles ($440 billion), when the announcement was made.
The profits of the sale are likely to be
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