Bank of Russia to introduce new sales schemes for banks under resolution
A draft law has passed its second reading in the State Duma enabling the Bank of Russia to employ more schemes to sell its shares in banks’ capital.
‘The amendments will provide the Bank of Russia with more flexibility on a preferred sales scheme based on demand from potential investors. Delivering on any of legitimate schemes is set to be an utterly transparent process for market players’, noted Deputy Governor of the Bank of Russia Vasily Pozdyshev.
In this way, the Bank of Russia will be entitled to sell its shares (equity interest) in banks, in part or in full, through trading (by means of a tender or sale auction) or immediately to a sole non-bid investor (in the case of one bid) or in the case bids were called off.
Furthermore, the Bank of Russia will be entitled to sell its shares, through exchange trading, to a wide range of investors, via public offer.
To determine a scheme of selling its shares in banks under resolution, the Bank of Russia will post on its website information about a request for applications stating an intention to participate in sales processes.