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Report: Sovcombank could abandon IPO plans

PJSC Sovcombank's co-owner Sergey Khotimskiy believes that the current market conditions are not favorable for an initial public offering, Banki.ru reported Oct. 3.

Khotimskiy said that an IPO is "not critical" for the lender, and if it were to be held, it would not be sooner than in 2020, although a five-year time frame would be more likely. He also suggested that the offering might not take place at all.

Khotimskiy said in September 2018 the bank was looking to raise at least $300 million through an IPO, hoping it would take place by April 2019.