Reuters: Market News: UPDATE 1-Russian cbank ready for Sberbank share offering

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UPDATE 1-Russian cbank ready for Sberbank share offering Apr 11th 2012, 12:57 Wed Apr 11, 2012 8:57am EDT MOSCOW, April 11 (Reuters) - Russia's central bank is ready to launch the sale of a 7.6 percent stake it owns in the country's biggest bank, Sberbank, but no decision has yet been taken on timing, a senior official said on Wednesday. "In theory the placement could take place at any moment," the central bank's first deputy chairman, Alexei Ulyukayev, told reporters. "We are in a high state of technical readiness." The central bank controls Sberbank on behalf of the Russian state - a throwback to the Soviet era. The sale of the stake, worth $5.5 billion at its current market valuation, would reduce its ownership to a bare majority. Bankers told Reuters last month that the offering - a key element of Russia's privatisation plans - was likely to go ahead after the publication of Sberbank's annual results, which showed earnings hitting a record.

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