Yelena Muzyka, a deputy departmental head with the CBR, said representatives of the Finance Ministry, the Federal Service for Financial Markets and banking community were expected to discuss Central Bank's proposals to liberalize IPO of banks' shares on Monday.
"If the Central Bank's proposals are approved at the July 3 meetings, we will issue them in two-three months," she said.
She said under new amendments banks with an equity capital exceeding 2.5 billion rubles ($92 million) would have to have the status of open joint stock companies.
"We understand that this is a disputable issue and not every bank supports it," Muzyka said.
She also said the law on the securities market would be amended to give residents the right to be nominal holders of bank shares.
Muzyka said the July 3 meetings would also focus on the banking community's proposal to increase the margin of purchasing bank shares from 600,000 rubles ($22,000) to 10 million rubles ($370,000) to prove financial stability for investors.
Equal access to the Russian market for residents and non-residents will be another amendment simplifying the IPO procedure, she added.
Muzyka said any investor buying more than 20% of a bank's shares needed Central Bank permission and permission from audit bodies for acquiring more than 5%. The Central Bank is proposing to reduce these restrictions to 10% and 1% respectively, she said.
Muzyka said the draft amendments prepared by the Finance Ministry had been submitted to the government and coordinated with all departments and were expected to be considered by the State Duma, the lower chamber of parliament, in the next two or three months.
