Russian Sberbank to offer shares in China

Sberbank would offer its shares in China during a global roadshow this fall.

"We will meet investors around the world in August and September, including those in China," said Sberbank CEO German Gref.

Sberbank plans to sell 7.6 percent of the Russian government's 57.6 percent stake to raise money for the federal budget.

The government stake is currently held by the Russian Central Bank. None of the minority shareholders possess more than 1 percent of the bank.

Earlier, China Investment Corp announced it was considering buying 5 percent of the Sberbank shares for 4 billion U.S. dollars.

The full story is available at Xinhuanet.