Central bank ready to sell Sberbank stake

Central bank ready to sell Sberbank stake
The Central Bank of Russia says it hopes to sell its 7.6% stake in Sberbank sometime this year. Speaking at the World Economic Forum in Davos, Deputy Chairman of the CBR, Alexei Ulyukayev says this would establish price guidelines for future deals.

The market capitalization and volume of demand would be the decisive factors in deciding a particular moment for the deal. “We would like it to be a model operation so that we can have a quality group of investors and a large amount of demand,” says Ulyukayev.

"For us, prices close to the previous placement would be indicative. Now they are 87 roubles per share, but we are interested in a level closer to 100," he added.

Among other Sberbank initiatives voiced in Davos were the start of operations in about 8 European countries and further expansion to Poland and Turkey.

For more from Davos watch Sergey Gorkov, Deputy Chairman of Sberbank, talking to RT.