Exec: Cbank to sell Sberbank shares bought from minority at SPO, OTC

MOSCOW, Feb 12 (PRIME) -- The Russian central bank will sell the shares of Sberbank bought from the minority shareholders during a secondary public offering (SPO) or over the counter (OTC), First Deputy Chairman Sergei Shvetsov told reporters on Tuesday.

“The Central Bank of Russia will buy the shares and then sell. It is in the law that we must sell them until the end of 2022,” Shvetsov said.

“If there are many of them, we will organize an SPO, if there are few will sell them to the market, it depends on the volume. We bought these shares from the market and then we will sell them, we must sell them on the market within two years and a bit. We have no plans to hold them. We have no goal of forming a strategic investment.”

On Tuesday, the Finance Ministry said that the central bank will sell its stake in Sberbank to the ministry at a market price using the money of the National Wealth Fund. The central bank will make an offer to the minority shareholders at the same price.

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