Inkombank expects to become the first Russian commercial bank to sell American Depositary Receipts.

A spokesman said the bank plans a placement to foreign investors this year or early in 1997.

American Depositary Receipt programs enable U.S. investors to earn dividends and capital gains on shares of foreign companies. The shares are kept in the vaults of U.S. banks that operate the programs.

Russia's central bank last month authorized Inkombank to sell up to 3% of its shares as ADRs. Several other Russian banks have announced plans to offer ADRs, but the central bank hasn't yet authorized the plans.

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