Promsvyazbank unveils plans for London-Moscow listing

Russian lender Promsvyazbank said this morning it is proceeding with a dual London-Moscow initial public offering, becoming the latest Russian company to tap the London markets for funding.

It is understood the IPO is hoping to raise up to $500m (£308m).

The IPO follows news that Russia’s top lender Sberbank raised just over $5bn by selling a 7.6 per cent stake that was owned by the central bank.

Promsvyazbank, one of Russia's biggest privately-owned lenders, said it plans to use proceeds to boost its capital to support ongoing expansion.