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. Last Updated: 07/27/2016

Sberbank Eyes London Float in '08

Sberbank may list shares in London early next year, but it is not planning to buy back existing shares, an industry source said Wednesday.

The source said Sberbank's first deputy head Alla Alyoshkina held a meeting with analysts earlier Wednesday to outline the bank's midterm strategy.

"We are thinking about February, but no scheme has been chosen. Volumes have not yet been discussed either," the source quoted Alyoshkina as saying.

Sberbank raised $9 billion through a domestic rights issue earlier this year.

Many investors eager to get exposure to the banking sector, however, were unable to buy Sberbank shares due to bureaucratic problems on the Russian stock market.

Alyoshkina was quoted in the Russian media as saying the bank could have raised $5 billion to $7 billion more during its rights issue if it had placed shares outside Russia.

Vedomosti earlier quoted unidentified investment bankers as saying Sberbank aimed to raise about $1 billion to $1.5 billion through the listing in London and would soon offer to buy back its shares from minority shareholders.