MOSCOW - The National Depository Center (NDC), Russia's only settlement depository servicing the full range of Russian securities, announced today that a general meeting of members, held Monday (April 14), voted to maintain its blocking stake in the Settlement Depository Company CJSC by purchasing part of a new SDC share issue. The decision was based on a recommendation made by the Board of Directors at meeting April 2.
Nikolai Egorov, Director, NDC, said following the meeting: "We are maintaining our ownership in the Settlement Depository Company at the level of blocking stake, as this is in line with NDC’s development strategy based on the general trend of settlement and depository infrastructure consolidation.”
The members of NDC authorized NDC’s Director to take all necessary steps for the acquisition of the additional shares. At a General Meeting held March 20, NDC members were officially notified by the Settlement Depository Company CJSC of the state registration of an additional inscribed non-documentary share issue and of an offer of subscription to the shares.
At Monday's meeting, the NDC members also approved modifications to NDC’s capital expenditures and investments budget for 2008.
Not-for-Profit Partnership “The National Depository Center” is the largest settlement depository in Russia, servicing the full range of equity securities of Russian issuers. It services 100% of transactions conducted in the federal bond and the Bank of Russia bond markets, more than 95% of transactions conducted in the corporate and regional bond markets, and stock exchange share transactions. NDC provides storage of global certificates and depository accounting for 99% of corporate bond issues, and 95% of sub-federal and municipal bond issues. The international rating agency Thomas Murray has assigned NDC an A+ rating as a central depository. For 2007 the value of assets in storage was more than RUR4.3 trillion. NDC is the largest paying agent on behalf of corporate bond issuers. It is Russia's national numerating agency, the substituting numerating agency for the CIS, authorized to assign the international ISIN and CFI codes. It is also a member of the international accounting infrastructure, providing settlements on the global financial markets using direct accounts at Clearstream Banking S.A. and Euroclear Bank. It also holds accounts at the Central Depository of the Republic of Kazakhstan and the NDC of the Republic of Azerbaijan.
Among NDC’s founders are MICEX and Bank of Russia (the founders’ shares in the property of NDC are 46.7% and 39.3% respectively, and in the votes 50.2% and 42.3% respectively). Members include GPB OJSC (Gazprombank), Evrofinans Mosnarbank, Rosbank, VTB Bank (Vneshtorgbank), Bank of Moscow, Rossiysky Credit Bank, Vneshekonombank, ING Bank Eurasia, JP Morgan Bank International LLC, UniCredit, Deutsche Bank, and Sberbank. The Partnership also has a stake in Depository Clearing Company CJSC (36.96 %) and in Settlement Depository Company CJSC (29%).
For further information about NDC: www.ndc.ru, or NDC Public Affaires Department: +7 495 232 0910, .