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19:19 GMT +3 hours29 December 2014
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Russian First Deputy Prime Minister Igor Shuvalov

Russia May Privatize Sberbank in Fall Shuvalov

© Sputnik/ Aleksei Nikoslkiy
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The market may be favorable for the Russian government to sell a 7.6 percent stake in Russia’s largest bank Sberbank in summer or fall, First Deputy Prime Minister Igor Shuvalov said on Monday.

The market may be favorable for the Russian government to sell a 7.6 percent stake in Russia’s largest bank Sberbank in summer or fall, First Deputy Prime Minister Igor Shuvalov said on Monday.

“I believe there will be a window (of opportunity) both in summer and in fall,” Shuvalov said.

The Central Bank of Russia, which holds 57.6 percent in Sberbank, planned to sell the 7.6 percent stake in Russia’s top lender in September 2011 but decided to postpone it owing to the turmoil on 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 in March but are currently trading at about 92 rubles per share.