February 11, 2020 / 1:02 PM / 9 days ago

Russia to use rainy-day fund to buy cbank's stake in Sberbank

MOSCOW, Feb 11 (Reuters) - Russia’s finance ministry said on Tuesday that it would use the National Wealth Fund (NWF) to purchase the central bank’s state in Sberbank at a market price.

The Russian government in recent months has been in talks with the country’s central bank to buy the latter’s 50% plus one share stake in Sberbank.

The central bank would also make an offer to buy out the minority shareholders in Sberbank, the country’s largest lender, as part of a deal allowing the government to purchase a controlling stake in the bank.

Sberbank had no immediate comment. (Reporting by Polina Devitt, Darya Korsunskaya and Tatiana Voronova; Writing by Gabrielle Tétrault-Farber; Editing by Katya Golubkova and Alex Richardson)

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