Russian Real Estate Developer Picks BNY Mellon to Succeed Deutsche Bank as Depositary Bank

BNY Mellon has replaced Deutsche Bank as depositary bank for Russian residential real estate developer PIK Group’s Global Depositary Receipt (GDR) program.

Each PIK Group GDR represents one ordinary share; the GDRs trade on the London Stock Exchange under the symbol “PIK,” while the ordinary shares trade on the Moscow Exchange under the symbol “PIKK.”

“We were impressed by the global resources and tailored solutions that BNY Mellon can offer. We feel confident entrusting our depositary receipt program to a company so strongly focused on depositary receipt services,” says Andrey Machanskis, director of Investor Relations and Capital Markets at PIK Group. “We look forward to working with BNY Mellon on initiatives that will strengthen visibility of our company and our DR program.”

“BNY Mellon will work closely with PIK Group as they seek to build a targeted investor outreach program,” says Christopher Kearns, CEO of BNY Mellon’s Depositary Receipts business. “We are dedicated to helping PIK Group connect with global investors to maximize their program’s visibility and awareness.”