Gazprombank May Issue $2-Billion Bonds
Gazprombank announced yesterday that it may issue ruble-denominated bonds worth 50 billion rubles by the end of the year. It needs the funds to service the influx of new clients from small banks, which it is having trouble servicing because of the liquidity crisis. It will issue a 10-billion ruble third series with a term of three years, and fourth and fifth series of 20 billion rubles each, with terms of five years.
As of July 1, 2007, Gazprombank was ranked second in Russia by net assets (1.1739 trillion rubles) and third in its own capital (91.6 billion rubles). The authorized capital of the bank is distributed among three shareholders, i.e., Gazfond, the company's nongovernmental pension fund (50% + 1 share), AOA Gazprom (41.73%) and OOO Novfintekh (8.27%). The bank has 36 branches. It plans to hold an IPO in 2008.
Large banks, such as Gazprombank, Sberbank and Vneshtorgbank, are benefiting from the crisis in liquidity as smaller banks are having trouble servicing their largest clients and they are migrating to larger banks. The large banks are also having trouble servicing them, but have greater resources for dealing with their problems.
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All the Article in Russian as of Oct. 02, 2007
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