Sberbank unlikely to sell 7.6 pct stake in 2011

2011-10-19 17:44:00

Russia's central bank is unlikely to sell 7.6 percent of its controlling stake in the country's top lender Sberbank this year due to unfavorable market trends, Sberbank Deputy Board Chairwoman Bella Zlatkis said on Wednesday.

"Unfortunately, the current world economic situation makes Sberbank's privatization quite unlikely this year," Zlatkis said.

The planned Sberbank sale is part of a broader state privatization campaign worth one trillion rubles ($32 billion), which was launched in February, when the government sold 10 percent in VTB bank, Russia's second largest, for $3.3 billion.

The central bank planned to sell its stake in Sberbank this September but decided to postpone it owing to the turmoil on international financial markets.

Sberbank CEO German Gref said Sberbank and the central bank were waiting for a better market mood.

"As soon as there is such a window, we will float it. It may happen before the New Year," he said.


RIA Novosti