Goldman, Morgan Stanley Decline Russian Offer to Help Sell Bank

Goldman Sachs Group Inc., Morgan Stanley and Bank of America Corp. were among five firms who turned down an offer to help the Bank of Russia develop a strategy to privatize what was once Russia’s biggest non-state lender.

The three American banks declined to participate in a project to develop an exit strategy from Bank Otkritie FC because the risks associated with the project outweighed potential fees, two people said, asking not to be identified because the discussions are not public.

The central bank approached 12 potential advisers to submit proposals on the sale, which the regulator hopes to begin ...