the amount of the transaction amounted to 2.14 trillion roubles is less, than was planned.
the Ministry of Finance announced the completion of the transaction with the Central Bank to repurchase a controlling stake in Sberbank. The government paid for 50% of the shares of 2.14 trillion rubles from the national welfare Fund.
concerning the purchase by government of a controlling stake to Sberbank (50% plus 1 share, 52.6% of the vote), the Central Bank was announced in February. The purchase took place at the expense of the national welfare Fund (NWF), which temporarily stores part of oil revenues. The amount of the transaction based on the weighted average six months, the price was estimated at more than 2.5 trillion rubles.
the Deal will allow the Central Bank to get out of losses (for 435 bn in 2017-2018), are associated with a Bank bailout and a structural surplus of liquidity, and the government is to convert part of the Fund’s assets in non-oil revenues to be spent on social measures promised by President Vladimir Putin. So managed to circumvent the restrictions stipulated by the fiscal rule. At the same time eliminates the conflict of interest: now the Central Bank is simultaneously the regulator of the banking system and the owner of the largest Bank in the country.
the Transaction is unique and it was assumed that the minority shareholders will make the buyer and the seller — the Central Bank said in a joint statement, the Finance Ministry and the Central Bank on February 11. Repurchased shares of the Central Bank was going to sell on the market. But due falling markets, the Central Bank has replaced the offer on the joint management agreement Bank, the Ministry of Finance and the Central Bank will conclude three years after the transfer of shares of the savings Bank to the government.
Alena Yakushova, Anna Mikheeva.
