The Russian government has acquired a stake in Sberbank from the Central Bank. This was reported to Izvestia on Friday, April 10, by the Ministry of Finance of the Russian Federation.
“The Ministry of Finance of Russia informs that in accordance with the Federal law “the acquisition Of the government of the Russian Federation Central Bank of the Russian Federation ordinary shares of public joint stock company “Sberbank of Russia” on 10 April the Bank of Russia at the expense of the national welfare Fund acquired 11 293 474 000 ordinary shares of Sberbank (50% of the total shares of the credit institution)”, — stated in the message.
The amount of the transaction amounted to 2.14 trillion rubles.
Earlier, Izvestia was informed about this by a Federal official, and sources close to the Cabinet of Ministers confirmed the information. It was noted that the initial amount of the transaction was supposed to be 300 billion more. The price was lowered due to the fact that Sberbank’s securities fell significantly on the Moscow exchange. Since the deal was announced on February 11, the state monopoly’s shares have fallen by 20%.
On March 18, Russian President Vladimir Putin signed a law on the government’s purchase of 52.3% of Sberbank’s ordinary shares from the Central Bank. The document specifies that the sale of shares is made at a weighted average price.
A draft law proposing to replace the offer to Sberbank’s minority shareholders with a shareholder agreement mechanism was submitted to the lower house of Parliament on March 10. On the same day, the Central Bank announced a scheme for selling shares without an offer. This plan was adopted by the regulator due to volatility in financial markets.
On February 11, it became known that the Ministry of Finance of Russia and the Central Bank have developed a bill to buy out Sberbank shares. It was noted that when the Central Bank combines the role of a shareholder, regulator and Supervisory authority, there is a conflict of interests. According to experts, the sale of shares should allow it and achieve equidistance of the Central Bank from financial market participants.