Credit Bank of Moscow looks to IPO in London | beyondbrics

Credit Bank of Moscow looks to IPO in London | beyondbrics:



"Unless you live in Moscow and are in the retail business, you probably haven’t heard of Moskovsky Kreditni Bank (Credit Bank of Moscow, in English). But you may soon. A top-20 Russian bank, MKB is joining the increasingly long line of Russian companies that want to IPO on London’s stock exchange.



“We are contemplating an IPO, but have not decided on specific timing or plans,” MKB’s CEO, Vladimir Chubar, tells bne in an exclusive interview. “It depends on if the market improves, as the current valuation levels for Russian banks are not necessarily attractive. We are still growing, we have one of the lowest cost/income ratios and the return on equity of about 18-20% is one of the best in the sector. We feel like we are still quite a young bank and will wait for the right window of opportunity to open.”



A string of banks have sold shares in the last couple of years and more are expected to throw their hat into the ring as Russia’s IPO momentum continues to build."



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