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Sberbank spreads its wings
08.07.2011 12:09 "Agro Perspectiva" (Kyiv) —
The Russian «Sberbank», Savings Bank is going international. In September, it will float its shares on the London, Frankfurt and Paris Financial Exchanges, as well as on the Moscow Interbank Currency Exchange The amount of shares involved represents 7.6 per cent of Sberbank’s assets, but it is likely that the amount will be increased. That will depend on the reaction of the market, says German Gref, Chief of the bank.
The offering of Sberbank’s shares on the international Money Market is part of the government’s privatization programme, under which 10 per cent of the state’s shares are to be sold to the private sectors. Towards the end of May, the Russian Financial Market Service applied for permission to sell shares on foreign Exchanges. Permission was granted in June, and in less than two months time, the privatization programme will begin. The shares to be sold to the private sectors are worth about 5.5 billion dollars, quite a solid amount of money, even for Europe.
The de-monopolizing of the banking sector is important for Russia. It was initially thought that the privatization of the banks in which the government is the major shareholder will be at the level of 51 per cent, that is the entire government’s package, but with Sberbank’s public offerings on the foreign Exchanges, the state will have less than the controlling stakes. This is significant. Experience shows that it is better when the government is less involved in the financial segment.
Besides, there is another aspect to Sberbanl’s offering of shares internationally. In the next two-three years, all the non-portfolio liabilities will be discarded. In 2010, they increased by23 per cent and stood at 88.4 billion rubles, about 3 billion dollars. Oil shares will be the first to be offered, including the «Taas-Oriakh» company in Yakutia and the «Dulisma» in Irkutsk, estimated at 1.5–2 billion dollars and 300–350 million dollars respectively. The Russian «Bashneft» and the British «Ashmore» are the frontrunners to acquire the shares of the two companies slated for sale.
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