Friday, December 22, 2006

RUSSIA LINES UP $12bn BANK SALES !

Russia's economic and business growth is attracting investors. Russia has decided to sell stakes in Sberbank and VTB, two of its biggest state-owned lenders, in deals that will be worth a total of about $12bn (£6bn).
The country's largest lender, Sberbank, will sell shares worth about 200bn roubles ($7.6bn) in February.
VTB, Russia's second-biggest bank, will try to raise 120bn roubles in May.
Russia has been selling stakes in some of its top firms. This year, it offloaded $10.4bn-worth of shares in oil company Rosneft.
Investors are interested in Russian firms because the country is benefiting from higher prices for crude oil and natural gas, as well as other metals and commodities.
At the same time, Russia's economy is expanding at a steady pace, helping boost the income of consumers.
There are concerns about shareholder rights in Russia, however, and critics have accused the Kremlin of ignoring rules and regulations when it suits their interests.

BBC NEWS REPORT.

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