By Ivan Anderzhanov
Mid-sized Russian bank Orient Express plans to launch Russia’s first initial public offering in the banking sector since the financial crisis rocked the markets almost two years ago.
Sergei Vlasov, chief executive, told Reuters it didn't make sense to tap the market for less than $200 million. Vlasov is reported to own a 15.6 percent stake in the bank.
Other banks mulling IPOs are Otkritie and Aton but both are not believed to be looking at imminent listings.
There have been 71 reports of IPOs out of Russia and the CIS since December 1 last year, according to public relations firm PBN. Of these, 61 listings are still pending, while seven have been completed and three were canned.
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