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Vostochny Express Bank plans IPO by 2015 - document
February 1, 2013 / 2:26 PM / in 5 years

Vostochny Express Bank plans IPO by 2015 - document

MOSCOW, Feb 1 (Reuters) - 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)

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