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Russia Likely To Privatize Sberbank In Fall

4/23/2012 7:55 AM ET

Russia plans to sell a 7.6 percent stake in the country's largest bank Sberbank, and First Deputy Prime Minister Igor Shuvalov expects that the market may be favorable in summer or fall.

"I believe there will be a window (of opportunity) both in summer and in fall," Shuvalov was quoted by Russia's state-run media as saying on Monday.

The Central Bank of Russia, which holds 57.6 percent in Sberbank, planned to sell the 7.6 percent stake in the country's top lender in September 2011 but decided to postpone it owing to the turmoil in international financial markets.

Central Bank First Deputy Chairman Alexei Ulyukayev said in January that the regulator was ready to sell the 7.6 percent stake in Sberbank, if its share prices rose to 100 rubles per share and its bid book was three times oversubscribed.

Sberbank's shares passed the 100 ruble mark in late February and hit their record high of 103.7 rubles per share last month but are currently trading at about 92 rubles per share.

by RTT Staff Writer

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