Sberbank shareholder deal to stay in force for 3 years after sale

MOSCOW, Mar 11 (PRIME) -- The shareholder agreement for Russia’s top bank Sberbank will be in force for three years after the central bank transfers the controlling stake in the bank to the government, as seen by PRIME late on Tuesday in a bill prepared for a second reading in the parliament’s lower house State Duma.

“The shareholder agreement will be in force from the moment of its signing until expiration of three years after the central bank’s disposal of all ordinary shares in Sberbank that it owned as of the day when this federal law comes in force,” the bill read.

Initially, under the bill, the regulator was to make a mandatory offer to the minorities of Sberbank already at the first stage of the deal. Earlier on Tuesday, Central Bank First Deputy Chairman Sergei Shvetsov said that the shareholder agreement would guarantee consistency of approaches to management of Sberbank.

The central bank owns a 52.32% stake of common shares of Sberbank, which translates into a 50% plus one share stake in the charter capital. The government plans to acquire the stake at a market price, the price estimate is about 2.5 trillion rubles.

(72.0208 rubles – U.S. $1)

End