The bonds of the medium-sized private bank, which focuses on corporate and retail banking, will be placed on Moscow Interbank Currency Exchange (MICEX) and will be open for subscription at nominal face value of 1,000 rubles ($37).
The Central Bank of Russia registered the bond issue on June 8, 2006.
Founded in 1993, Absolut Bank, which has total assets of $505.5 mln, is 92% owned by five Moscow businessmen and 7.5% by the International Financial Corporation. It mainly caters to medium-sized and small companies in the Moscow and St. Petersburg regions. After an additional stock issue in May this year, the bank's shareholder equity exceeded $170 million.
International rating agency Fitch said in May that Absolut Bank ranked 39th among domestic banks by assets (26 bln rubles or $965 mln) at the end of 2005.
