China Investment Corporation (CIC) is mulling to acquire a $4 billion stake in Russia’s largest commercial bank, EastDay.com reports. CIC has got offers from investment banks, which are now urging global clients to buy a total of 7.6% of Sberbank.
The bank is expecting to raise around $6 billion through the sale of a 5% stake to the Chinese fund. The Russian central bank, which owns a 57.6% stake in Sberbank, has appointed Goldman Sachs, Morgan Stanley, JPMorgan Chase, UBS and a Russian investment firm to be co-financial counselors for the sale.
Click here for the story from EastDay.com.
