Russia should own below 50 percent of state banks: Medvedev

Russia should cut its ownership of state banks to below 50 percent, President Dmitry Medvedev said on Thursday, in what would be the boldest move yet in the government's multi-billion dollar privatisation plan. In a statement on the Kremlin's website, Medvedev instructed the government and central bank to propose a plan to cede control of its two biggest lenders - Sberbank and VTB.
The government raised $3.3 billion from the placement of a 10 percent stake in VTB early in 2011, leaving it with a 75.5 percent controlling share. It has previously said it wants to exit the bank completely by 2017.