MOSCOW. May 31 (Interfax) - Sberbank of Russia will not be buying back shares that were placed during the bank's IPO from private individuals, Sberbank chief German Gref said in response to a shareholder question asked during the bank's AGM.

"We are not going to buy back anything from anyone. That is anti-market, anti-corporate practice," Gref said. It is an individual decision to remain a Sberbank shareholder or not, he said.

"We're a company whose shares have grown since they were placed, and if you want out you have more than enough windows to get out. Today we're worth 100-101 rubles, and a week ago we were worth 109 rubles," Gref said.

Sberbank sold shares for 89 rubles in its IPO in 2007 and 93 rubles in its SPO in 2012.

"So you see we haven't allowed the share price to fall below the placement price