Sberbank unveils £3.3bn stake sale

Russian state bank Sberbank is to list in London this week in a $5.4bn (£3.3bn) share sale, it announced today.

The sale of a 7.6 per cent stake in Sberbank, which is seeking a joint London-Moscow listing, has been held back for more than a year by weak financial markets.

Russian stocks rallied by eight per cent on Friday after the news from the US central bank, sending Sberbank shares to their highest close since April and putting the state in a position to sell into market strength.

The 1.7bn shares will be priced at between around rb91 (£3) and the market price at the time of closing the books on the sake.

It is understood that the bank will shut its order books in the next few days.