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Privatization of Sberbank reasonable in small stakes — CEO

Sberbank is a major institution, it cannot be sold quickly, CEO says, it may be sold in small stakes - 5-7% and not more

MOSCOW, May 31. /TASS/. Privatization of Sberbank should be implemented gradually by offering small packages of shares for sale, Chief Executive Officer of the credit institution Herman Gref said on Tuesday in an interview with Rossiya 24 TV Channel.

"We will support privatization if a decision to sell a portion in Sberbank is made at some time… We will progress to that with pleasure but I reiterate this is a decision to be taken by authorities," Gref said. "Sberbank is a major institution, it cannot be sold quickly. It may be sold in small stakes - 5-7% and not more," Gref said.

The majority shareholder of Sberbank to date is the Bank of Russia, whose share in the charter capital of Sberbank is 50% plus 1 share.

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