Putin signs off on privatization of 7.58% stake in Sberbank

Prime Minister Vladimir Putin has approved the planned sale of 7.58% of Sberbank’s share capital by the Central Bank of Russia, thereby reducing its stake to 50% plus one share, the government announced on Thursday.

The official order was signed on May 17, a statement on the government website said.

The selloff of the 7.58% stake in Sberbank is provided for in a three-year privatization plan of the state savings bank, which is the largest bank in Russia and accounts for around half of private deposits in the country.

The bank’s management has repeatedly stated that the privatization process will start in the fall.

MOSCOW, May 19 (RIA Novosti)

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