"Sberbank shares (SBER) are one of the most liquid in the Russian market today. Therefore, an SPO on the Russian stock exchange involving Russian infrastructure appears absolutely logical, supports the local market and demonstrates its quality, maturity and competitive edge", said Pankin.

Sberbank kicked off its SPO road show on Monday. It has been reported that the road show will take place in London, New York and Moscow.

The Central Bank of Russia plans to place its 7,58% Sberbank shares by offering ordinary shares and GDS (each worth 4 ordinaries) to institutional investors with a simultaneous offer through ZAO MICEX Stock Exchange.

The MICEX offer is expected to be worth up to 10% of the total amount, but can expand to 15% by the Bank of Russia, driven by demand.

Alor Group Supervisory Board Chairman Anatoly Gavrilenko considers the 10% Sberbank SPO placement in the Russian market `hardly successful`. He has blogged that this was part of the agenda of the Moscow Exchange (MICEX owner) Board meeting on Monday.

"I asked whether the planned 10% Sberbank SPO placement could be considered a clear victory over London, who are left with a mere 90% and whether the acheivement was due to the integration of our two exhanges. My question was in earnest, I wanted to know why we keep so quiet about this feat. People just had a hearty laugh. I wasn`t amused", he wrote.

The spread for Sberbank SPO is RUB 91 to market price at the closing of the book.

Bookrunners appointed by the Central Bank of Russia are Credit Suisse, Goldman Sachs International, J.P. Morgan, Morgan Stanley and Troika Dialog.

Project Group №1, Dmitry Pankin