Tags: russia | asset | sale | bank | banking

Russia Adds 13 Banks to Advise on $59 Billion Asset Sale Plan

Sunday, 26 Dec 2010 01:58 PM

Russia has expanded the list of investment banks that will advise it on its planned $59 billion state asset sale program over the next five years.

The government had previously selected 10 banks, including Morgan Stanley, Credit Suisse Group AG, Renaissance Capital and VTB Capital in October for its asset sales starting next year. It added 13 more lenders to the list, according to a Dec. 20 decree posted on its website.

Moscow-based OAO Sberbank, the country’s biggest lender, Alfa Bank, the largest private lender, and Troika Dialog, Russia’s oldest investment bank, are among those added along with BNP Paribas SA, Citigroup Inc., Royal Bank of Scotland Plc. and UBS AG, according to the decree.

Russia plans to sell as much as 15 percent of OAO Rosneft, its biggest oil producer, and stakes in its two biggest banks, Sberbank and VTB Group, as the government seeks to raise 1.8 trillion rubles ($59 billion) in asset sales over five years to help balance the budget.

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