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Russia's Sberbank launches 7.6 pct stake sale
September 17, 2012 / 4:43 AM / in 5 years

Russia's Sberbank launches 7.6 pct stake sale

MOSCOW, Sept 17 (Reuters) - Sberbank, Russia’s top lender, started a long-awaited 7.6 percent stake sale on Monday with a price range set at between 91 roubles ($2.99) and the market price at the time of closing of the books, the lender said in a statement.

The stake sale, part of a wider state privatisation drive that stalled due to fragile markets, has been repeatedly delayed as authorities and the lender itself were awaiting a higher share price. It closed at 97.05 roubles on Friday.

On Thursday, the Federal Reserve launched another aggressive stimulus program, saying it would pump $40 billion into the U.S. economy each month until it saw a sustained upturn in the weak jobs market, boosting global stock markets.

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