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Gazprom's subsidiary bank could hold IPO in late 2007 - official -1

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MOSCOW, November 16 (RIA Novosti) - Gazprombank, a subsidiary of Russian energy giant Gazprom [RTS: GAZP] could hold an initial public offering in the fall of 2007, a deputy board chairman said Thursday.

Russian banks are thought to be heavily undercapitalized and in need of funds to compete with Western firms.

Gazprombank, Russia's third-largest bank in terms of assets, could hold an IPO "no earlier than the fall of 2007," Alexei Matveyev said.

Gazprombank said it intended to increase its charter capital through an additional issue of common shares, to use the proceeds to expand its business and market share, and to boost the volume of corporate lending.

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