Russia’s Finance Ministry announced details of the release of Bank of Russia from the capital of Sberbank: the state-owned stake bought by the government at the expense of the national welfare Fund.
the output of the Central Bank from structure of shareholders was discussed for more than 10 years, but now the Ministry of Finance made an official statement.
the Ministry of Finance together with the Central Bank of the Russian Federation has developed the bill according to the terms of the sale of shares. The document submitted to the government of the Russian Federation. “It is expected that the package of the Bank of Russia will be purchased with funds from the national welfare Fund (NWF) at market value”, — stated in the message of the Ministry of Finance.
the Bank of Russia owns owns 50% + 1 of the Charter capital of Sberbank (52.3% of ordinary shares). Based on the current value Mosberg for the state to receive about 3 trillion rubles. At the beginning of 2020, the volume of the national welfare Fund was estimated at 7.8 trillion rubles.
the Bank of Russia explained the details of the transaction: selling in the domestic market of foreign currency, which the Bank of Russia will acquire at the FNB upon the purchase of a stake in Sberbank, will be carried evenly from three to seven years.
the Price of Sberbank shares on Masuria rose sharply after the statement of the Ministry of Finance and the Central Bank — just 2.5 percent.
As stated in the Ministry of Finance, the investments of the NWF in the shares of the largest Bank in the country coincide with the objectives of the management of the NWF. This is the optimal ratio between risk and return: the investment will safeguard the national reserves and stable income from their placement with a high yield.
Previously been said about the conflict of interest: the Central Bank had to reconcile the interests of the largest shareholder of the savings Bank, the regulator and the Supervisory authority. For example, the Central Bank opposed the rapid increase of dividends payments of the savings Bank.
the Output of the Bank of Russia from structure of shareholders of the savings Bank will avoid conflict of interests. According to the bill minority shareholders on behalf of the Bank of Russia will be sent a mandatory offer to purchase shares at the sale price of state at the time of the first sale of the shares.