KAZAN, May 28 (RIA Novosti) - Ak Bars Bank, a leading Russian commercial bank, could hold an initial public offering in 2008, a top bank executive said Monday.
Robert Musin, the chairman of the bank's board of directors, told journalists on the sidelines of a shareholders' meeting: "The Bank can hold an IPO only after its shareholders make a corresponding decision. So far, such a decision has not been made. I believe the most appropriate time would be 2008."
Ak Bars Bank, which is on a list of the country's top thirty banks published by the Central Bank of Russia, was established by the government of the Volga Republic of Tatarstan in 1993.
As of October 1, 2006, Ak Bars had assets of 88.6 billion rubles (about $3.4 billion) and shareholder equity of 10.4 billion rubles (about $403 million).
