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Finance Ministry, Central Bank draw up bill on Bank’s withdrawal from capital of Sberbank

It is assumed that the stake of the Bank of Russia will be acquired at the expense of the National Wealth Fund at market value

MOSCOW, February 11. /TASS/. Russia’s Finance Ministry and the Bank of Russia have drawn up a bill that provides for the withdrawal of the financial regulator from the capital of Sberbank. The draft document defining the procedure and conditions for the sale of shares has been submitted to the Russian government, the ministry said in a press release.

It is assumed that the stake of the Bank of Russia will be acquired at the expense of the National Wealth Fund (NWF) at market value.

The Finance Ministry said that the NWF investments in Sberbank shares are in line with the NWF management objectives - to ensure the safety of invested funds and stable income from their placement.

The expected dividend yield of Sberbank shares following the results of 2019 will significantly exceed the cost of borrowing on the federal loan bond market.

"The sale of shares of Sberbank by the Bank of Russia will make it possible to remove questions regarding such a conflict of interests and equal distance between the regulator and participants in the financial market," the statement said.