the Russian Government has bought a stake in Sberbank scheduled cheaper prices due to the crisis
Moscow-Live.ru / Akishin Vyacheslav Russia’s Government bought the Central Bank shares of Sberbank on Thursday, April 9. This was announced by a Federal official have confirmed two sources close to the Cabinet of Ministers
Moscow-Live.ru / Akishin Vyacheslav
the Russian Government has purchased from the Central Bank stake in Sberbank on Thursday, April 9. This was announced by a Federal official and was confirmed by two sources close to the Cabinet. The amount of the transaction amounted to 2.14 trillion rubles, which is 300 billion less than initially planned: the paper Bank at the Moscow stock exchange since the announcement of the transaction has fallen by 20%. The rate of sales of Sberbank explain dim prospects in the economy, write “news”.
the Acquisition of the savings Bank financed by funds from the national welfare Fund (NWF). It was assumed that the purchase of shares of the state Bank will be sent to Eradthe international Fund, exceeding the threshold of 7% of GDP.
a Large part of the funds received by the Bank of Russia had to transfer back to the budget. Of these, the Ministry of Finance could Finance expenditures. Initially it was assumed that the Central Bank will transfer the entire amount, with the exception of the 700 billion that it will cover your own loss in the reorganization other credit institutions. But then the bill was amended. According to them, the regulator in the transaction was supposed to be $ 300 billion in Addition to money, the Central Bank will transfer to the Treasury its debt requirements Sberbank and the state Corporation VEB.Of the Russian Federation in the amount of 500 billion rubles, which was planned to be written off.
In February, the Ministry of Finance suggested to stretch the transaction in several tranches. The head of Department Anton Siluanov said that in 2020, the Ministry may by about a quarter of the shares of Sberbank is about 1.2 trillion rubles. And in early March, the Central Bank proposed to postpone the transfer to the budget revenue from the deal for six months because of volatile markets. Later this idea it was decided to refuse, because the money urgently needed to Finance current budget expenditures, and the economic situation is unpredictable: the Finance Ministry will miss a few hundred billion rubles because of the deferred taxes for the business.
According to the portal “the Electronic budget” on April 3, the Federal budget deficit approached 600 billion rubles: revenues amounted to 4.8 trillion rubles, and spending of 5.4 trillion. CB owned in the savings Bank a controlling stake of 50% plus one share of the share capital, which corresponds to 52,32% of the ordinary shares.
Officially, the Finance Ministry announced the deal on February 11. Then the price of the shares on Masuria was 254,5 ruble apiece. However, after this event on the global stock markets due to the collapse of the deal, OPEC+ and the deterioration of the situation with coronavirus began to develop a dramatic way. The minimum was recorded on 18 March and then for a paper of the savings Bank gave 174 of the ruble. At the endam bidding on 9 April, the stock was worth 203,6 ruble.
However, the purchase price, as agreed between the Ministry of Finance and the Bank of Russia was determined on the basis of the weighted average cost of securities for six months. Under this condition, one share of Sberbank was supposed to do the Ministry of Finance in 222.3 ruble, and the whole package – not less than 2.4 trillion rubles. However, due to the difficult situation in the economy a deal was agreed to conclude as soon as possible: if the transaction was delayed, the stock fell would be even stronger and the Central Bank were not to RUB 2.1 trillion and 1.5 trillion.
the Future prospects of Sberbank’s shares will largely depend upon General market and macroeconomic situation in Russia. In this case, top management of Sberbank, headed by Herman Gref, most likely, will retain their positions, and the policies and practices of the Bank, aimed primarily at maximizing profits and growth of business efficiency, will remain the same.