The Russian central bank wants to initiate changes in existing legislation to get more powers to control the process of changing ownership at banks and other financial companies, Kommersant reported Feb. 1, citing the regulator's deputy head Sergei Shvetsov.
Sale transactions involving banking stakes equal to, or higher than, 10% already need the approval of the regulator, but if such a stake is divided into smaller parts, regulatory consent is not required, Shvetsov said.
The official added that the regulator should not only approve stake acquisitions but also have better control over and monitor the entire process of changing key shareholders and possibly have the right to veto ownership changes in systemically important banks and other financial companies if the new owner does not comply with corporate governance requirements.
