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MOSCOW (AP) - Finance Minster Alexei Kudrin said Wednesday that a new domestic offering for shares in Russia's largest state-controlled bank had brought in $8.8 billion, a Russian news agency reported.
Kudrin was quoted by Interfax as saying that the OAO Sberbank board had set a price of $3,398 per share in the bank — an influx of capital that will help it tap into Russia's boom in consumer lending.
Analysts had predicted the secondary offering could bring in as much as $12 billion if all 3.5 million shares being offered were sold. Kudrin's announcement appeared to indicate that only around 2.6 million shares had been sold, however.
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