Russian ministry to buy control of
Sberbank Move to streamline state control and fund Putin’s promise to raise
living standards FILE PHOTO: The logo of Russian bank Sberbank is seen on a
screen during a session of the St. Petersburg International Economic Forum
(SPIEF), Russia June 6, 2019. REUTERS/Maxim Shemetov/File Photo The finance
ministry will tap Russia’s $125bn national wealth fund of surplus oil and gas
revenue to purchase Sberbank © Reuters Share on Twitter (opens new window)
Share on Facebook (opens new window) Share on LinkedIn (opens new window) Max
Seddon in Moscow 14 hours ago Print this page Russia’s central bank is selling
its controlling stake in Sberbank to the finance ministry in a move aimed at
streamlining state control of the country’s largest lender and funding Vladimir
Putin’s promises to raise living standards. The central bank said it would sell
50 per cent plus one share of Sberbank to the ministry at a “market price” near
the stake’s current value of Rbs2.8tn on the Moscow exchange. As much as 75 per
cent of the sale proceeds will be paid straight back into state coffers,
helping pay for Rbs4tn in spending that Mr Putin pledged last month while
announcing constitutional changes that could result in him ruling indefinitely.
The finance ministry will tap Russia’s $125bn national wealth fund of surplus
oil and gas revenue to purchase Sberbank. The sale will go through in
instalments and be completed before 2022. “Revenue from the deal could . . . be brought back to the budget
eventually [and add up to] Rbs2.8 n into budget revenues — more than enough to
finance additional social stimulus for 4-5 years,” said Sofya Donets, chief
economist at Renaissance Capital. The Kremlin wants to use as much as Rbs300bn
a year from the national wealth fund for infrastructure spending to boost moribund
economic growth and stagnating living standards — on orders from Mr Putin,
whose approval ratings hit record lows last year. Recommended Banking Weekly
podcast23 min listen Britain’s Brexit gambit, Thiam ouster The move is
ostensibly aimed at righting a historical anomaly dating back to Sberbank’s
role as the monopoly Soviet savings bank. The central bank retained its
controlling stake in Sberbank after the USSR collapsed, despite regulating it.
“The decision to sell the stake will remove an issue of potential conflicts of
interest,” finance minister Anton Siluanov said. Transferring control will help
the central bank and finance ministry strengthen oversight of Sberbank and its
powerful chief executive Herman Gref, a confidant of Mr Putin since the 1990s,
according to people familiar with the plans. Mr Gref has been widely praised
for adopting western-style governance and technological change at Sberbank,
which was seen as a corrupt, decrepit dinosaur when he left the cabinet to take
it over in 2007. The bank’s enormous funding base — it holds nearly half of all
Russian retail deposits — has boosted Mr Gref’s efforts to build a successful
tech-focused company — while consistently delivering enormous profits, which
hit a record Rbs831.7bn in 2018. Recommended The Big ReadMax Seddon Sberbank:
the bank trying to shape Russia’s future Last month, Mr Gref said he was “more
positive than negative” about the planned change in ownership, but threatened
to quit if the government pushed him to change Sberbank’s strategy. Mr Siluanov
said the finance ministry and central bank both wanted to “support Sberbank’s priority and strategy” and “maintain
its growth policy”
以下為 google translation
俄羅斯政府購買對Sberbank的控制權
簡化國家控制並為普京提高生活水平的承諾提供資金
馬克斯·塞登（Max Seddon）在莫斯科
俄羅斯央行正在將其在Sberbank的控股權出售給財政部，旨在簡化國家對這家最大貸方的控制，並為弗拉基米爾•普京（Vladimir
Putin）提出的提高生活水平的承諾 提供資金。 中央銀行表示，將以“市場價格”向該部出售Sberbank銀行50％的股份和一股股份，價格接近該股份在莫斯科交易所Rbs2.8tn的當前價值。 高達75％的出售收益將直接返還給國庫，幫助支付普京上個月承諾的Rbs4tn支出，同時宣布可能導致他無限期執政的憲法變更
。 財政部將動用俄羅斯1250億美元的石油和天然氣盈餘國家財富基金來收購Sberbank。出售將分批進行，並於2022年之前完成。 “這筆交易可以帶來收益。。。最終被帶回到預算中，並最終使預算收入增加Rbs2.8 n –足以在4-5年內為額外的社會刺激提供資金，” Renaissance Capital首席經濟學家Sofya
Donets說。 克里姆林宮希望每年從國家財富基金中動用多達3000億盧布用於基礎設施建設，以促進垂死的經濟增長和停滯的生活水平-根據普京的命令，普京去年的支持率創下歷史新低。 推薦的 銀行每周播客23分鐘聽 英國脫歐的秘訣，蒂亞姆·罷免 表面上，此舉旨在糾正可追溯至Sberbank作為壟斷性蘇聯儲蓄銀行角色的歷史異常。儘管蘇聯對其進行了監管，但在蘇聯解體後，央行仍保留了其在儲蓄銀行的控股權。
財政部長安東·西盧安諾夫（Anton Siluanov）說：“出售股份的決定將消除潛在的利益衝突問題。” 知情人士說，轉移控制權將有助於中央銀行和財政部加強對儲蓄銀行及其強大的首席執行官赫爾曼·格里夫（Herman Gref）的監督，該人自1990年代以來就是普京的知己。 格里夫（Gref）先生因在西伯利亞銀行（Sberbank）採用西式治理和技術變革而廣受讚譽，當他在2007年離開內閣接管該銀行時，被視為腐敗，腐朽的恐龍。該銀行龐大的資金基礎-擁有近一半的資金俄羅斯的所有零售存款—促進了格萊夫（Gref）打造一家成功的專注於技術的公司的努力—同時始終實現巨額利潤，2018年達到創紀錄的8,317億盧比。 推薦的 大讀Max Seddon
Sberbank：試圖塑造俄羅斯未來的銀行 格里夫（Gref）上個月表示，他對計劃中的所有權變更“積極多於消極”，但威脅說如果政府迫使他改變儲蓄銀行的戰略，他將辭職。
Siluanov先生說，財政部和中央銀行都希望“支持儲蓄銀行的優.
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