Russia's two largest banks have confirmed plans within 24 hours of each other to list in London. The combined value of the flotations, which are expected next year, could be as much as $13bn (€10.3bn).

Andrei Kostin, chief executive of Vneshtorgbank, said his firm could launch a flotation as early as next February, and no later than May. Vneshtorgbank is the second largest bank in Russia.