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Russia To Sell $5 Billion Stake In Sberbank

Sberbank's headquarters in Moscow
Sberbank's headquarters in Moscow
Russia's Central Bank has announced that it will sell part of its majority stake in the state-controlled Sberbank -- a move that could raise more than $5 billion.

The Central Bank says it will sell 7.6 percent of its shares in Sberbank.

That will reduce its stake to 50 percent plus one share -- the minimum needed to still control a majority stake.

The bank said it would sell 1.7 billion shares at a price between 91 rubles ($3) and the market price when the offering closes.

The shares are to be sold in London and in Moscow.

The sell-off would be one of Russia’s largest share sales in recent years as the government aims to reduce its stakes in some of the country’s largest companies.

Based reporting by AP, Reuters, and "The New York Times"