State Duma deputies proposed amendments allowing the Central Bank to sell Otkritie without bidding

The State Duma will consider a bill that will allow the Central Bank to sell shares of Otkritie Bank to VTB without bidding. A group of deputies introduced the appropriate amendments to a government bill that regulates the issue of polyvocal shares by companies registered in special administrative regions of Russia. The amendments will be considered at a plenary session of the lower house of parliament on June 28, according to the work plan of the State Duma. The procedure for the Central Bank to withdraw from the capital of the banks being rehabilitated suggests that the regulator should basically sell shares at auction. In the event that one participant is declared or one participant remains at the end of the auction, the Central Bank may sell shares as part of out-of-competition procedures. As follows from the document in the State Duma database, the board of directors of the Central Bank will be able to sell the shares of Otkritie Bank at a market price, which will be determined in the manner prescribed by law. The amendments will not apply to the sale of shares that were acquired during the prevention of bank bankruptcy, as well as to ….

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