MOSCOW, February 2 (RIA Novosti) -- The Russian state-owned foreign trade bank, Vneshtorgbank (VTB Group), hopes to make an initial public offering (IPO) of its shares in November, the bank's chairman said Thursday.
Andrei Kostin said the bank would IPO in November this year or in the first quarter next year.
He said the IPO organizers would be Deutsche Bank, Citibank and Goldman Sachs.
It was said earlier that the VTB planned to IPO 25% of its shares on the Moscow and London stock exchanges to raise about $2.5 billion.
Kostin said the bank intended to use the money from the IPO to support its branches in Germany, Britain, France and other countries.
VTB is one of the largest banks in Russia and has an extensive chain of subsidiary branches, with six branches abroad - in Switzerland, Cyprus, Austria, Ukraine, Georgia and Armenia. VTB is also has affiliated banks in Germany and Luxembourg and representative offices in Italy, China, India and Belarus.