Russian State buys majority of Sberbank

RUSSIA / FSU POLITICS - In Brief 11 Apr 2020 by Alex Teddy
On April 10 the Russian State purchased a majority stake in Sberbank which is the biggest of all banks in Russia. The State bought it from the Russian Central Bank. The deal cost USD 28.5 billion. The price is based on the average share price of Sberbank in March 2020. Almost all the shares have been handed but the last few will be handed over in May for legal reasons.There had been rumors since late 2019 that such a deal was on the cards. One of the drivers for the move was originally to make it easier for Sberbank to finance state infrastructure spending and the National Projects - although some of these may well be slated for now.The price said is considering less than first rumored. It had been noised that the stake would be gradually transferred over 18 months. However, coronavirus was a gamechanger and necessitated precipitate action. The sale also resolves a key conflict of interest. Until the sale the Central Bank of Russia was the regulator yet owned one of the major banks.

Now read on...

Register to sample a report

Register
Sign-in
Forgot your password?
Copyright 2024 GlobalSource Partners. All rights reserved. This is prepared for GlobalSource Partners’ clients and may not be redistributed, reproduced, stored in a retrieval system, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of GlobalSource Partners. This is distributed simultaneously to our website and other portals used by GlobalSource Partners. The information herein was obtained from various sources and is believed to be reliable but GlobalSource Partners does not warrant its completeness or accuracy. Neither GlobalSource Partners nor any Country Analyst, officer or employee accepts any liability whatsoever for any direct, indirect or consequential damages or losses rising from any use of this or its contents.