Sberbank of Russia inks accord with Bank of New York Mellon
Sberbank of Russia announces that it has entered into an amendment to its Regulation S GDR program deposit agreement with The Bank of New York Mellon as depositary under which Regulation S global depositary shares are issued.
Sberbank's Level I American depositary shares (the "ADSs") are issued under Sberbank's Level I ADR program deposit agreement, dated as of June 27, 2011, as amended as of September 24, 2012 ( the "ADR Deposit Agreement").
The purpose of the amendment is to amend and restate the terms of the Reg S GDR Deposit Agreement to be identical to the terms of ADR Deposit Agreement, thereby merging the two depositary receipt programs into one single program (the "Reg S GDS Conversion").
Following the Reg S GDS Conversion, the Reg S GDSs will be redesignated as ADSs and will become in all respects fungible with the outstanding ADSs. The amendment will become effective on the 30th day following the date of a notice by BNYM of the amendment to the Reg S GDR Deposit Agreement to holders of Reg S GDSs (expected to be on or around December 19, 2012). As in the case of Reg S GDSs, holders of ADSs have contractual entitlements to the exercise of voting rights and the payment of dividends and other distributions.
From a trading perspective, the ADSs, in addition to being admitted to the Official List of the Financial Services Authority and to trading on the Main Market of the LSE (the "LSE"), also trade on the entry standard trading platform of the Frankfurt Stock Exchange and over-the-counter in the United States.
Following the Reg S GDS Conversion, ADSs will continue to trade on the LSE under the ticker symbol "SBER" as well as on the entry standard trading platform of the Frankfurt Stock Exchange and over-the-counter in the United States.