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. Last Updated: 07/27/2016

Agricultural Bank Sale Considered

The government is considering a sale of state-owned Russian Agricultural Bank, also known as Rosselkhozbank, as the state seeks to reduce its holdings in the country's biggest financial institutions, Alexei Savatyugin, director of the Finance Ministry's financial policy department, said at a conference Friday.

The government does not intend to stop reducing its role in the banking industry with the share sales of Sberbank and VTB, Savatyugin said.

While the state currently owns 100 percent of Russian Agricultural Bank, this will not be the case forever, Savatyugin said. The process of reducing the state's holding will proceed slowly and ministers will revisit the issue in 2009, Savatyugin said.

"As far as Rosselkhozbank is concerned, we will approve a mid term development program. After a certain, not very long period of time, we will suggest privatizing Rosselkhozbank to attract a broad base of investors," Savatyugin said, Reuters reported.