MOSCOW, October 10 (RIA Novosti) - Russia's Cabinet is set to introduce a bill lowering the top limit for stakes that may be purchased in domestic banks without a Central Bank permit, a spokesman said Monday.
The bill, to be presented to parliament by Deputy Finance Minister Sergey Shatalov, brings down to 1%, from the current 5%, the maximum percentage of shares available for purchase without notifying the Central Bank, and cuts to 10% the 20% ceiling for acquisitions requiring its prior consent.
The draft also scraps a provision that a credit organization seeking to increase its authorized capital with non-resident funds or to sell part of its stock to non-residents must ask the Central Bank for permission.
