Russia's third-largest privately-owned bank, Promsvyazbank (PSB), is to float its shares in Moscow and list global depositary receipts in London.
The bank will raise funds through the flotation which will be used to strengthen its capital position, and to support its retail and small-to-medium-enterprises (SME) expansion strategy.
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"Since its establishment in 1995, PSB has demonstrated a track record of value creation and has become one of Russia's largest and fastest-growing independent, privately-owned banks. The transaction will help PSB to further strengthen its capital position and to continue to build on the growth momentum created to date. The management team has a proven track record and a clear strategy that aims to leverage PSB's scale and the opportunities in the Russian banking sector to deliver greater value to its customers and its shareholders," claimed Artem Konstandian, President of PSB.
JH
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