J.P. Morgan has been named depositary bank by Russias MD Medical Group Investments in relation to the companys recent $289 million IPO of Global Depositary Receipts (GDR) on the London Stock Exchange under ticker symbol MDMG.
MD Medical Group operates in the Russian healthcare service market. It manages ten modern healthcare facilities, including two hospitals and eight outpatient clinics in Moscow, St. Petersburg, Ufa and Perm.
Vitaly Ustimenko, CFO of MD Medical Group, commented: Together with J.P. Morgans depositary receipts team, we will strive to stimulate interest in our GDR program and to serve the needs of our investors adhering to the highest professional standards.
Separately, Deutsche Bank has been appointed successor depositary bank for the Sponsored Level I American Depositary Receipt Program of Legal & General Group plc, which provides risk, savings and investment management products in the U.K.
L&G is responsible for investing 381 billion worldwide, according to Deutsche Bank, on behalf of investors, policyholders and shareholders and is one of the largest investors on the London stock market. The group is responsible for about 5% of all investments on the London Stock Exchange, Deutsche says.
Winning the depositary mandate for L&G represents significant recognition of Deutsche Banks superior client servicing capabilities from one of the United Kingdoms most prestigious companies, says Akbar Poonawala, head of Global Equity Services at Deutsche Bank. We look forward to providing L&G ADR holders with the highest level of service.
(JDC/CG)