Russia's second largest bank, VTB, could raise as much as $8.8bn (€6.5bn) from its London and Moscow listing next month, in what will be one of the largest equity issues from the country this year.

VTB is expected to raise between $7.4bn and $8.8bn, with its shares being offered at 0.125 Rb to 0.145 Rb, valuing the bank at up to $39bn, according to Russian news agency Interfax.