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Nomos Bank Plans SPO for $600M

Nomos-Bank plans to raise up to $600 million via a share sale to finance the purchase of the remaining stake in a subsidiary, analysts said in a research note Thursday.

The midsized bank, ranked among Russia's top 15 lenders by assets, needs funds to buy 48.7 percent of Bank of Khanty-Mansiysk, analysts at Metropol said in a note following a meeting with the lender's representatives.

"Nomos-Bank aims to buy the remaining stake in Bank of Khanty-Mansiysk by the end of 2011 and close the deal by the spring of 2012. It plans to raise $500 [million]-$600 million via an SPO [secondary public offering]," the note said.

Nomos, which paid 12.1 billion rubles ($439 million) for a 51 percent stake in the subsidiary last year, declined to comment on the report.

Nomos raised $782 million via an initial public offering in London in April, which became the largest placement by a privately held Russian bank to date.

Metropol added that Nomos also plans to raise $500 million via a subordinated loan and sees its net profit at 14 billion rubles in 2011.

The lender's previous forecast stood at more than 11 billion rubles.

Czech businessman Petr Kellner is a shareholder in Nomos-Bank. He controls Czech investment group PPF, which owns Home Credit, has more than 3 billion euros ($4.29 billion) in assets.

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