HedgeCo.net – Sberbank, Russia’s central bank, says that in 2006 48 Russian banks were fully owned by foreigners, and the total share of non-residents in Russian banks stood at 12.92%.

According to a report by Reuters, the lower house of Russian parliament has just made it easier for foreigners to gain exposure to the booming sector by passing legislation that would put foreign and domestic investors on an equal footing when buying shares in Russian banks, also making it easier for Russian banks to go public.

The new rules would oblige residents and non-residents to inform regulators if they purchase more than a 1% stake in a Russian bank and seek permission to build a stake of more than 20%, according to the report by Reuters.

“These amendments will clearly facilitate secondary trading and be positive for all banking stocks traded in Russia,” Alfa Bank analysts said in a research note, suggesting the new law will have a positive effect on Russian banks going public.

Alex Akesson
Contributing Writer
HedgeCo.Net
Email: Editor@hedgeco.net