International Mortgage Bank Places 45% Stake.
6 July 2008
International Mortgage Bank, a small bank launched in 2004 by the US government’s Western NIS Enterprise Fund, placed a 45% stake among private investors for $30m. Alexander Viktorov: The placement valued IMB at $66.6m, implying a remarkably high P/BV ratio of 13.1, if we use the bank’s book value of $5.1m as of April 1. The high price reflects expectations of rapid growth amid booming consumer and mortgage lending.
