Russia to Privatize Ownership of Three Major Banks by 2015

As part of a privatization campaign aimed at raising up to $59 billion in the next five years, Russia is expected to cut its stakes in three major state banks, Sberbank, VTB, and Rosselkhozbank, by 2015.  A document published Monday on Russia’s domestic bank association Web site (available at:  asros.ru/ru/events/?id=152) suggests that “ . . . the state stake could be cut to less than 50 percent plus one voting share in the coming two to three years."  According to the same document, Russia plans to sell its stakes to strategic investors and through initial or secondary share offers.  The Duma, Russia's lower chamber of parliament, is expected to discuss the strategy at a committee meeting on December 1st. http://www.reuters.com/article/idUSLDE6AL0FA20101122