Depositary Receipts

Deutsche Bank 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 the depositary business and with 150 professionals from our global locations in New York, London, Frankfurt, Luxembourg, Moscow, Hong Kong, and Mumbai, we manage over 1000 depositary programs in 56 countries, providing our clients with:

    • A dedicated client relationship team, covering various regions and dealing with ad-hoc requests
    • Leading product innovation, extensive experience in managing complex corporate actions and dedicated administrative solutions
    • Flexible Investor Relations advisory  specifically focused on guidance and partnership for our Russian and CIS clients
    • A distribution team that works  24/7 from the US, Europe and Asia, promoting our DR programs to sales and trading departments across all major investment banks

    Deutsche Bank's long-standing presence and commitment to the Russian & CIS market and its best-in-class service has earned praise from clients and multiple awards from the press. Most notably, Deutsche Bank has won in the ‘Best Depositary Receipts Program’ and ‘Best Depositary Receipt House’ categories several years in a row in EMEA Finance Magazine's well-regarded Achievement Awards.

    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 and CIS 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.

    Boris Sarnov
    Vice President
    Depositary Receipts, Russia and CIS
    Tel: +7 (495) 642 0616