Supervisory Board of Sberbank received the right to make decisions on redemption of shares

Earlier this week, deputy chairman of Sberbank Anton Karamzin said that the bank's management carries out preliminary consultations with members of the supervisory board about the possibility of redemption of the Savings Bank from the market to maintain quotes in the planned privatization of September 7.58-per cent stake owned by the Central Bank. According to him, the specific decision on this matter may be taken "closer to the time of the beginning of privatization." Karamzin said that the Savings Bank can not redeem promotions directly from the Central Bank, because the law does not allow banks and companies controlled by the state to buy shares in the privatization. According to the privatization program for 2011-2013, the Central Bank as the largest shareholder of Sberbank shares 57.58% of the share capital must sell 7.58% of the shares owned by him. As said the first deputy chairman, a member of the Supervisory Board of Sberbank Alexei Ulyukayev, the Bank of Russia expects to sell this package in September, focusing on market sales.