Russia in talks over future of central bank's stake in Sberbank

Russia in talks over future of central bank
# 24 December 2019 20:42 (UTC +04:00)

Russia is discussing whether the central bank should continue to hold a controlling stake in the country’s largest lender Sberbank, finance minister Anton Siluanov told reporters on Tuesday, APA reports quoting Reuters.

Four sources told Reuters last week that officials were in talks to transfer the central bank’s stake in Sberbank to another state entity, amid unease about the central bank’s role as both owner and supervisor.

“This issue is being discussed, as there is a conflict of interests,” Siluanov, who also serves as first deputy prime minister, said. “The central bank also owns banks it has bailed out but it should not accumulate institutions it supervises.”

After bailing out three big private banking groups in 2017, the central bank remains an owner of Otkritie and Trust banks. It plans to sell both after they have fully recovered, expected in the early 2020s.