CREDIT BANK OF MOSCOW (OPEN JOINT-STOCK COMPANY) ANNOUNCES ITS INTENTION TO FLOAT ON THE MOSCOW EXCHANGE
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CREDIT BANK OF MOSCOW (open joint-stock company) ("CREDIT BANK OF MOSCOW" or "CBM" or the "Bank"), one of the largest privately owned banks in Russia, today announces its intention to conduct an initial public offering ("IPO" or the "Offering") of its ordinary shares (the "Shares") with listing on the Moscow Exchange.
Details of the Offering:
- CREDIT BANK OF MOSCOW intends to offer at least 10% of its primary Shares during this Offering.
- The proceeds of the Offering will be used to finance CBM’s business activities and development.
- The Offering is scheduled for the second half of June 2015, the final dates will be defined after the Bank’s Supervisory Board approves the Offering price.
- The Offering consists of an offering of the Shares through the facilities of the Moscow Exchange pursuant to its settlement procedures.
- CBM expects its Shares to be admitted to trading on the Moscow Exchange in the First Level quotation list by the time of the Offering (currently Shares are admitted to Second Level quotation list).
- VTB Capital is the sole global coordinator and bookrunner of the Offering.
Vladimir Chubar, the Chairman of the Management Board of the Bank, commented: "Our IPO represents a major milestone in the development of the Bank. We expect that the Offering will further strengthen CBM's position in the banking industry and expand our access to the capital markets. We remain focused on increasing our market share and improving business efficiency to enhance the Bank's value."