Russian President Vladimir Putin has signed the law on the acquisition of 52.3% of ordinary shares in the country’s largest bank, Sberbank, by the government from the Bank of Russia, Reuters reported on Wednesday.
The document was posted on the official website of legal information on Wednesday.
The law prescribes that acquisition of Sberbank’s shares will be made within the framework of investing money from the National Wealth Fund (NWF).
Investment of NWF money into shares of Sberbank corresponds to management objectives of the Fund – ensuring safety of invested funds and stable revenues from their placement.
The finance ministry has decided to proceed with the deal, which was announced late last year but before global financial markets were hit by the coronavirus-related sell-offs, and will conduct the transaction in April.
Ordinary shares in Sberbank will be sold on market conditions at a weighted average price of such shares for six full calendar months preceding the month when the first sale and purchase agreement is made, the document says.