Central Bank sells Sberbank shares

The Central Bank of Russia is selling 7.58% of shares of Sberbank, RIA Novosti reports.

The Central Bank owns 57.58% of charter capital of Sberbank, or 60.25% of vote. Sberbank will sell up to 1 712 994 999 of its shares, according to the decision of the National Bank Council of March 22, 2011, approved by the Russian government on May 17, 2011, to reduce the share of the Bank of Russia in the charter capital in 2011-2013.

The Bank of Russia may reduce its share in the charter capital of Sberbank to 50% + 1 share. The initial price per share will set at 91 rubles. The MICEX make 10% or 15% of all proposals.

Sales of Sberbank shares is expected on September 17-19, 2012.

Sberbank shares reached a price of 97.05 rubles per each at the end of trade at MICEX on September 14. The new price will be set on September 18 or September 19.