WRAPUP 1-Russian banks seek up to $2.6 bln in eurobonds

* Banks need money to meet growing demand for loans

* Sberbank sells 5-yr bond, VEB 10-yr bond

* Investors may prefer shorter maturity

MOSCOW/LONDON, June 30 (Reuters) - Four Russian banks including state-controlled Sberbank SBER03.MM and VEB are seeking to sell up to $2.6 billion in eurobonds to secure foreign currency and meet rising demand for loans as the economy recovers.

The issues could point to a market revival after a series of delayed and postponed issues in the last two months, as would-be borrowers were put off by risk-averse investors demanding higher premiums amid concerns over the euro zone debt crisis.

Sberbank and VEB led the way on Wednesday, each placing $1 billion in eurobonds. [ID:nLDE65T0P9] [ID:nLDE65T0YT]

Jumping on the bandwagon, TransCredit Bank, controlled by state-owned Russian Railways, said it is mulling a eurobond issue worth up to $500 million, while privately owned Promsvyazbank is selling $100 million worth of subordinated paper. [ID:nLDE65T0FQ] [ID:nLDE65T0IN]

Sberbank, Russia's biggest lender, offered five-year bonds that investors may favour to VEB's 10-year bonds given heightened markets volatility.

"I am not excited by the maturity of 10 years in such volatile market. The risks are to high," Andrei Orlyanskiy, a portfolio manager at Nomos bank said.

Maxim Raskosnov, analyst at Renaissance Capital, said: "A 10-year maturity means very significant volatility, which can scare some investors ... And, despite not been 100 percent government-owned, Sberbank represents by far the strongest credit in the Russian financial system."

Sberbank has set price guidance at around 350 basis points over mid-swaps versus VEB's guidance of "high 300" basis points over mid-swaps, market sources said.

The eurobonds follow an oversubscribed issue by Russia's government in April. The new five-year sovereign bond is yielding 4.40/4.32 percent RU050495418= and the 10-year bond 5.45/5.41 percent.

Sberbank was expected to price on Wednesday and VEB plans to close the deal on Thursday, trading sources said.

Sberbank had met investors during a roadshow in May as it tested the water for possible eurobond issue, but decided against the deal at that time due to unfavourable market conditions.

Anton Karamzin, Sberbank's chief financial officer, said earlier the cash was needed to adjust the structure of its liabilities and satisfy growing demand for loans. (Reporting by Dmitry Sergeyev, Oksana Kobzeva and Sujata Rao; Editing by David Holmes)