Russian government buys Sberbank

Russian government buys Sberbank

Russian Finance Ministry announced that it would purchase the central bank’s stake in Sberbank, Russia’s largest lender.

The finance ministry said it would buy the central bank’s 50%-plus-one-share stake in Sberbank for a "market price." That stake is worth about 2.8 trillion rubles ($44 billion).

Former Russian Prime Minister Olga Golodets was appointed deputy CEO of Sberbank. 

Sberbank CEO and Chairman of the Management Board German Gref noted that this appointment is yet to be approved by the Russian Central Bank.