VTB Bank has received custodian status for Russian companies under the Bank of New York Mellon GDR Program, thus becoming a full-fledged partner of global custodians.
The first stage of cooperation will commence early December 2008 with a transfer of shares under GDR Program to VTB Bank for custody, starting with such companies as Sistema-Hals, RBC Information Systems and IRKUT Corporation, with Tatneft, TMK and Chelyabinsk-Zinc expected to join them by the end of the year.
At the second stage there will be a transfer to VTB Bank of GDR Programs for shares of a number of other Russian companies, including those from the RAO UES of Russia.
VTB Bank has long been a partner to the Bank of New York in GDR issues: in 1996 VTB acted as custodian in the first program on issuing ADRs (American Depositary Receipts) for Russian securities - MinFin bonds. VTB Depositary also holds an underlying asset under GDR Program for VTB shares issued in 2007.
VTB Bank is one of the largest Russian custodians.
In recent years, the Bank has been actively developing its depositary activity in line with Russian and international requirements and standards, servicing its customers worldwide.
This activity has had its impact on the Bank's international ratings. For example, VTB Bank achieved a Top-Rated Status from the Global Custodian. It was also the only Russian custodian to be rated Best in Class in all categories, thus leaving behind Russian subsidiaries of the leading global custodians.