February 11, 2020 / 3:50 PM / 10 days ago

Russian central bank to keep 700 bln roubles of proceeds from Sberbank deal

MOSCOW, Feb 11 (Reuters) - Russia’s central bank plans to keep 700 billion roubles ($11.1 billion) of proceeds after selling its stake in the state lender Sberbank, it told Reuters on Tuesday.

It will transfer the remaining proceeds from the deal to the state budget in cash, rights for a subordinated loan to Sberbank and rights for a deposit to Russia’s state development bank VEB, the central bank added.

The finance ministry said earlier on Tuesday that Russia would tap its rainy-day fund, the National Wealth Fund, to buy the central bank’s stake in Sberbank. ($1 = 63.3088 roubles) (Reporting by Elena Fabrichnaya; writing by Polina Devitt; Editing by Kevin Liffey)

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