MOSCOW Feb 1 Mid-sized Russian bank Vostochny
Express wants to raise at least 15 billion roubles ($500
million) through a share sale by 2015, it said in a presentation
for a bond issue.
The bank, Russia's No. 30 by assets, plans to use more than
half of the funds raised through an initial public offering
(IPO) to support its capital adequacy ratio, while the rest will
allow some shareholders to cut their stakes, the document said.
The lender's largest shareholders are private equity firm
Baring Vostok Capital Partners with a 30 percent stake, The
International Finance Corp with 13.9 percent and the bank's
chairman Sergey Vlasov with an 11.7 percent stake.
Russia, home to around 1,000 banks, has only a few listed
lenders. The latest to try to join their ranks was
Promsvyazbank, but it dropped IPO plans last autumn citing
unfavourable market conditions.
Promsvyazbank, majority-controlled by billionaire brothers
Dmitry and Alexey Ananyev, now plans to list its shares in 2013.
($1 = 30.0 roubles)
(Reporting by Elena Orekhova; Writing by Katya Golubkova;
Editing by Lidia Kelly and Helen Massy-Beresford)