RIA NOVOSTI. After April 20 Sberbank of Russia will tally results of a tender held to elect a custodian bank for its American Depositary Receipt (ADR) program, chief executive of the country’s largest bank German Gref told reporters on Tuesday, as RIA Novosti wires. “We are currently in the active stage of the ADR placement and will launch the privatization program later," he said.
According to him, Sberbank has not yet applied to the Federal Service for Financial Markets (FSFM) to register its ADR program, a custodian bank is being selected. “The tender is in progress, we plan to tally its results by April 20 or so," noted Gref specifying that Sberbank received bids from four international custodian banks: BoNY Mellon, Deutsche Bank, Citibank and JP Morgan.
