The Ministry of Economic Development will ask the Central Bank to prepare a detailed plan for the exit from the capital of the banks being rehabilitated, Economic Development Minister Maxim Oreshkin told reporters.

“We propose that the Bank of Russia make a detailed plan for exiting the capital of the banks being rehabilitated ,” Oreshkin said (quoted by Interfax). According to him, the corresponding document will be developed as part of the Ministry of Economic Development’s measures to increase investment in the Russian economy to 25% of the country’s GDP.

In 2017, the Central Bank transferred three large banking groups - FC Otkritie, B&N Bank and Promsvyazbank - for reorganization to the Banking Sector Consolidation Fund, controlled by the regulator . The first two banks will be merged and then sold on the market. The third will become the supporting bank for state defense orders and large government contracts.

After these banks came under the control of the regulator, the state’s share in the banking sector increased to 66.2%, Central Bank Chairman Elvira Nabiullina estimated in February. “This change in the share is not systemic, not radical,” she noted, recalling that in Russia the share of the public sector in the banking system was initially high. At the same time, Nabiullina admitted that the Central Bank is concerned about the large state share in the banking sector, which is why the regulator intends to sell the banks being rehabilitated as soon as possible.

The Ministry of Economic Development asks the Central Bank to draw up a plan for the sale of banks being rehabilitated