Nomos Bank to Float $500M Share Packet

Nomos Bank will float 19.5 percent of its shares, worth an estimated 16 billion rubles ($500 million), on the Moscow Stock Exchange, Vedomosti reported Monday.

The offering, approved by the bank's board of directors, is planned for September, a representative of the bank said.

Otkritie Capital will oversee the offering, while the starting price will specified later.

"The funds attracted in the offering will be used to develop the bank," deputy chief executive Dmitry Romayev said in a statement, without going into specifics

Nomos is a part of Otkritie Financial Corporation.