March 10, 2020 / 2:08 PM / a month ago

Russia to get $4.2 bln from sale of its stake in Sberbank - finmin

MOSCOW, March 10 (Reuters) - Russia’s central bank is set to receive 300 billion roubles ($4.18 billion) from the sale of its stake in Sberbank, Deputy Finance Minister Vladimir Kolychev said on Tuesday.

The Russian government said last month that it would tap its National Wealth Fund (NWF) to buy the central bank’s stake in Sberbank, ending years of debate about potential conflict of interest.

The central bank was initially set to receive 700 billion roubles from the sale of its 50% plus one share in the country’s top lender, while the bulk of the proceeds - or 1.25 trillion roubles - were set to be returned to the state budget. ($1 = 71.7125 roubles) (Reporting by Daria Korsunskaya and Polina Devitt; Writing by Gabrielle Tétrault-Farber; Editing by Katya Golubkova; editing by Louise Heavens)

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