KIT Finance expects almost $1 bln from IPO in fall 2008

MOSCOW, September 20 (RIA Novosti) - KIT Finance wants to gain some 25 billion rubles ($992 million) from an initial public offering due no sooner than the fall of 2008, the head of the Russian independent investment bank said Thursday. The IPO, for which the bank is set to issue extra shares, will be held at the Moscow Interbank Currency Exchange, and its Global Depositary Receipts will be placed on the London Stock Exchange.

“We are interested in the volume of funds, whatever the size of the stake, and we are even ready to lose control of the bank,” said Alexander Vinokurov, who owns a 62% stake in the bank, ranked among the 30 largest Russian banks in terms of assets and shareholders` equity. He said the political situation in Russia, namely the upcoming parliamentary elections in December and a presidential poll in March, had determined the time frame for the IPO.

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