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. Last Updated: 07/27/2016

Banks Sell-Off Planned

MOSCOW (MT) - Russia's government unveiled a draft plan for selling off state shares in commercial banks, Interfax reported Thursday.

The program, which is to be submitted to the cabinet, would allow for the privatization of commercial banks in which the state has kept shares, as well as sale of bank property now owned by the state, such as office buildings. Any person or company will be able to bid but shares will be sold off only in small packages of 5 percent each, Interfax said.