March 11, 2020 / 9:35 AM / a month ago

Russian finmin plans to close deal to buy c.bank's Sberbank stake in April - minister

MOSCOW, March 11 (Reuters) - Russia’s finance ministry is set to close the deal to purchase the central bank’s stake in Sberbank in April in a single transaction, Finance Minister Anton Siluanov said on Wednesday.

The comments come a day after his deputy, Vladimir Kolychev, said the deal’s execution depended on oil prices and could be postponed if they fell too low.

The finance ministry has said that it would tap into the country’s National Wealth Fund (NWF), a cushion accumulating oil revenues, to buy the central bank’s 50%-plus-one-share stake in the country’s largest lender. (Reporting by Darya Korsunskaya; Writing by Gabrielle Tétrault-Farber; Editing by Katya Golubkova)

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