February 11, 2020 / 2:24 PM / 10 days ago

Russian government to buy majority Sberbank stake by mid-2021 -source

MOSCOW, Feb 11 (Reuters) - The Russian government plans complete its purchase of the central bank’s stake in Sberbank , the country’s largest lender, by mid-2021, a source close to the talks told Reuters on Tuesday.

Russia’s finance ministry announced earlier on Tuesday that it would be tapping into the National Wealth Fund (NWF), its rainy day fund, to buy the central bank’s 50%-plus-one-share stake in Sberbank at a “market price”.

It did not provide a timeline nor a price for the deal. The central bank’s stake in Sberbank is worth 2.8 trillion roubles ($44 billion), Refinitiv Eikon data shows.

Two sources with knowledge of the negotiations said the deal will be carried out in several steps starting in April. The central bank did not immediately respond to a request for comment. ($1 = 63.5401 roubles) (Reporting by Darya Korsunskaya and Tatiana Voronova Additional reporting by Elena Fabrichnaya Writing by Gabrielle Tétrault-Farber Editing by Katya Golubkova and David Goodman)

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