Daily Management Review

Russian Government Turns To NWF For Buying Sberbank Stake From The Central Bank


Multiple sources report that the Russian government is in discussion about purchasing the Sberbank stake from the Central Bank.

Source: commons.wikimedia.org; (CC BY-SA 3.0)
Source: commons.wikimedia.org; (CC BY-SA 3.0)
The government in Russia has decided to turn to the “National Wealth Fund” for purchasing “central bank’s stake in Sberbank”. The information came from a “state banker” as well as a source familiar with the matter.
This week, the Russian Finance Minister, Anton Siluanov stated that the country was in discussion about the continuation of the central bank as a stakeholder of Russia’s “largest lender Sberbank”.
However, yet another source reported that if the above mentioned plan is executed than the central bank will be transferring the 100% profit is earns from the “sale of Sberbank to the state budget”; while third source, an insider from financial market, also confirmed the same.
Nevertheless, the first two sources did not disclose the amount agreed upon by the government to pay for the “central bank’s stake in Sberbank” which will be routed through the Finance Mininstry. As per Reuters:
“The central bank currently owns 50% plus one share in Sberbank, which is worth 2.8 trillion roubles ($45.45 billion) based on Sberbank’s current market capitalization”.
Nevertheless, the Finance Ministry which handles the NWF was not ready to comment on the matter. Similarly the central bank also refused to give out any information. On the other hand, a spokesperson of “Prime Minister Dmitry Medvedev”, Oleg Osipov informed Reuters that the government hasn’t taken any final call yet. The decision is still being discussed.