Nomos-Bank to hold SPO only after world markets have stabilized - bank pres
YEKATERINBURG. March 22 (Interfax) - Nomos-Bank plans to hold an secondary public offering (SPO) only once the financial situation on world markets has stabilized, the bank's president, Dmitry Sokolov, told Interfax.
"An SPO will depend on the situation on world markets. Raising additional capital for the bank is always appropriate but the markets now are such that it is barely possible to get a decent price," he said.
It was earlier reported that Nomos-Bank had plans to hold an SPO in the first half of 2012 if the situation on the market is positive. Investment and finance company Metropol said in a report that Nomos-Bank plans to raise $500 million-$600 million during an SPO.
Sokolov said that the bank currently has no pressing need for additional capital. "We can afford to do this [hold an SPO] when the situation is favorable on the markets. If the further consolidation of shares in Bank of Khanty-Mansiysk is implemented we might then seek out funds for this purchase and not hold an SPO," he added.
Nomos Bank currently owns a 51.3% stake in Bank of Khanty-Mansiysk. It was earlier reported that the bank plans to consolidate 100%. The Khanty-Mansiysk Autonomous District owns 44.2% in Bank of Khanty-Mansiysk while Eurasian Development Bank (EDB) holds 3.33%.
Sokolov confirmed to Interfax that his bank is interested in purchasing shares in Bank of Khanty-Mansiysk from the district. "A tender for the sale of these shares still hasn't been announced. We are interested in buying this share packet at a reasonable price," he said.
In addition, he said that negotiations for the stake held by EDB are still not underway. "It is necessary to start with a bigger share packet," Sokolov said.
Nomos-Bank acquired a stake in Bank of Khanty-Mansiysk in November 2010, later consolidating a control packet in mid-December. The purchase came to 12.1 billion rubles. The bank owns 31.31% in Bank of Khanty-Mansiysk directly, as well as 19.98% through its 100%-controlled subsidiary Vostok-Capital.
Nomos-bank was 13th biggest bank in Russia by assets for 2011 according to the Interfax-100 ranking, compiled by the Interfax Center for Economic Analysis.
