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Gazprombank Readies Bond

Gazprombank, the country's No. 3 lender by assets, has mandated banks to hold meetings with investors as it eyes a possible subordinated perpetual eurobond offering, IFR and a banking source said Friday.

Both said that Gazprombank, which is 35.5 percent owned by state-controlled gas company Gazprom, had hired Credit Suisse, Goldman Sachs, HSBC and Gazprombank itself to meet investors in Singapore, Hong Kong, Switzerland and London starting Oct. 16.

A subordinated perpetual bond would allow the bank to boost its capital, strengthening its ability to absorb possible shocks.

(Reuters)

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