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Privatization of Sberbank by year-end unlikely – first deputy CEO

October 19, 2011, 18:40 UTC+3
One of the problems of the banking system is the concentration of capital in state-co-owned banks
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MOSCOW, October 19 (Itar-Tass) —— The privatization of Sberbank is unlikely to take place by the end of this year, the bank’s first deputy CEO, Bella Zlatkis, told the media on Wednesday.

“One of the problems of the banking system is the concentration of capital in state-co-owned banks,” she said. “This is really a problem, and the state is trying to resolve it through privatization. The situation in the world economy as it is, it is very unlikely the privatization of Sberbank may be accomplished by the end of the year.”

The package offered for privatization constitutes 7.58 percent of Sberbank shares. The corresponding order was signed by Russian Prime Minister Vladimir Putin on May 17, 2011. The share of the Bank of Russia in the authorized capital of the savings bank will drop to 50 percent plus one voting share. The National Banking Board (NBB) on March 22 adopted a decision on a reduction during 2011-2013 of the Bank of Russia’s stake in by 7.58 percent minus one share.

Now the share of the Bank of Russia in the authorized capital of the savings bank is 57.58 percent. The CBR has chosen the financial advisors for the privatization of Sberbank shares - Credit Suisse, Goldman Sachs, Morgan Stanley, JP Morgan and Troika Dialog.

In early September, the head of Sberbank German Gref said that the opportunity for the placement of a 7.58-percent stake in the privatization of Sberbank might emerge before the end of the year. Sberbank previously planned to hold a road-show in September 2011.

Sberbank is the largest bank in Russia, Central and Eastern Europe, which accounts for 30 percent of Russian banking assets and employs approximately 240 thousand. It has the largest network in Russia: 17 territorial banks, over 20 thousand branches and internal departments, as well as subsidiaries in Kazakhstan, Ukraine and Belarus.

 

 

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