Depositary receipts

Deutsche Bank, through its Trust & Securities Services, is one of the leading depositary banks for American and Global Depositary Receipts (ADRs/GDRs) and a pioneer in the processing of Global Registered Shares. With nearly 30 years’ experience in depositary business and with 150 professionals from our multiple global locations in New York, London, Frankfurt, Moscow, Hong Kong, Mumbai, and Beijing, we manage close to 1000 depositary programs in more than 53 countries.

Deutsche Bank's long-standing presence and commitment to the Russian & CIS market and its best-in-class service has earned it praise from clients and awards from the press. Most notably, it has won Best Depositary Receipts Program two years in a row in EMEA Finance magazine's well-regarded Achievement Awards: in 2011 for its program for Nomos Bank and again in 2012 for Kcell Joint Stock Company's DR program - part of the first IPO deal from Kazakhstan for over two years.

American Depositary Receipts (ADRs) are created when a broker, acting on behalf of an ADR investor, purchases domestic shares in a non-US company and places them in custody with a depositary bank. The depositary bank then issues US dollar denominated receipts conveying beneficial ownership of those shares. These depositary receipts are deemed by the United States Securities and Exchange Commission to be domestic US securities, and they trade and settle in the United States.

Global Depositary Receipts (GDRs) which are more frequently used by Russian issuers work on the same principle, with trading and settlement taking place in Europe and, if they are placed with qualified US buyers, in the United States. GDRs are most often denominated in US dollars or in Euro.

Bozena Trydos
Managing Director
Tel: +1(212)250-1204
Email :

Zoya Soldatova
Vice President
Tel: +7 (495) 797 5209

Boris Guskov
Vice President
Tel: +7 (495) 642 0616

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Last Update: December 2, 2015
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