March 18, 2020 / 2:50 PM / 22 days ago

Russia's Putin approves Sberbank shareholder shift

FILE PHOTO: A man takes a picture of the logo of Russian bank Sberbank on a screen during a session of the St. Petersburg International Economic Forum (SPIEF), Russia June 6, 2019. REUTERS/Maxim Shemetov/File Photo

MOSCOW (Reuters) - Russian President Vladimir Putin has signed an order allowing the government to buy 50% plus one share in the Sberbank (SBER.MM) from the central bank, a document on the government’s regulatory website showed.

The finance ministry has decided to proceed with the deal, which was announced this year but before global financial markets were hit by the coronavirus-related sell-offs, and will conduct the transaction in April, using the National Wealth Fund.

Reporting by Polina Ivanova and Anton Kolodyazhnyy; Writing by Katya Golubkova; Editing by David Goodman

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