OAO Sberbank, Russia’s biggest lender, expects a “maximum price” as it sells a 7.6 percent stake after the U.S. and European central banks announced measures to spur economic growth, Chief Executive Officer German Gref said.
“We’re lucky, we waited a long time,” Gref said today in a telephone interview. “Our shareholders set a goal of selling the stake at the maximum price. Now is the most favorable time both to sell the whole stake and to get the maximum price.”
Decisions by the U.S. Federal Reserve, the European Central Bank and the People’s Bank of China “raised investor optimism,” Gref said.
Bids for Sberbank shares may be taken for as long as three days, including today, Gref said. It’s too early to say when pricing will be set, he said.
Russia is selling a 7.6 percent stake in Sberbank, held by Bank Rossii, with a price range from 91 rubles a share to the market price when the book closes, according to a statement from the lender and the central bank.
“We’ve been working on the sale for 15 months and today is the best time,” Gref said.