The Bank of New York has been selected by JSC VTB Bank as the depositary bank for its global depositary receipt (GDR) program.
Each VTB GDR represents 2,000 ordinary shares. The GDRs trade on the London Stock Exchange under the symbol VTBR. VTB’s ordinary shares will trade on the Moscow Interbank Currency Exchange and the Russia Trading System Stock Exchange.
VTB’s GDR program represents a number of milestones. It is the: record 2,000th sponsored depositary receipt (DR) program available to investors worldwide; largest DR offering ever from a bank; second-largest DR offering ever from a Russian issuer; and second-largest DR offering in history.
“It is fitting that the 2,000th DR program was established by a Russian issuer completing a large IPO on the London Stock Exchange,” says Christopher Sturdy, executive vice president and head of The Bank of New York’s Depositary Receipt Division. “It truly represents the continued growth and evolution of today’s DR market, and we are pleased to support VTB with our best-in-class program management services.”
Nikolai Tsekhomsky, chief financial officer of VTB, adds: “The size of our depositary receipt program demonstrates the high level of international interest in our company. The establishment of this program with The Bank of New York is part of our commitment to our international shareholders. With our London listing the bank is entering a new era and we look forward to continuing our dialogue with investors in the future.”