Russia to sell $5 billion stake in Sberbank
Russia's Central Bank has announced that it will sell part of its majority stake in the state-controlled Sberbank -- a move that could raise more than $5 billion, Radio Liberty reported.
The Central Bank says it will sell 7.6 percent of its shares in Sberbank.
That will reduce its stake to 50 percent plus one share -- the minimum needed to still control a majority stake.
The bank said it would sell 1.7 billion shares at a price between 91 rubles ($3) and the market price when the offering closes.
The shares are to be sold in London and in Moscow.
The sell-off would be one of Russia's largest share sales in recent years as the government aims to reduce its stakes in some of the country's largest companies.
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