NDC Signs an Addendum to Agreement on Interdepository Relations with Gazprombank

11 May 2007
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MOSCOW - The National Depository Center (NDC), Russia’s only settlement depository servicing the full range of Russian securities, announced today that it has signed an addendum to the agreement on interdepository relations with Gazprombank CJSC, one of Russia’s three biggest banks. The agreement determines that the list of securities owners should be submitted by NDC to Gazprombank depository only in electronic form, and also defines the procedure, terms and format of the submitted lists. Previously the lists were sent either in electronic or paper form. Moreover the parties intend to accelerate the development of a system of rapid transfers between them.

Vitaly Tatsiy, Vice President, Head of the Depository Center, Gazprombank, said, “We believe that the system of interdepository relations between NDC and Gazprombank, and RDK, a settlement depository serving the St. Petersburg Stock Exchange, works successfully now. Development of such relations is of interest for Gazprombank because it promotes raising the bank’s operations in the stock and over-the-counter markets to a technically advanced level.”

Nikolai Egorov, Director, NDC, said, “Submitting  a list of securities owners in electronic format will allow not only the avoidance of high labor costs related to the creation of paper versions of lists and further manual data processing but also will help decrease the risk of errors during list compilation and data processing. With respect to the issue of speeding up operations between custodial and settlement depositories we can say that in our settlement system it is tightly connected with high price volatility in the equities market and the importance of the time factor when accepting securities into the stock market.  Elements of technology-assisted interaction between NDC and Gazprombank, one of NDC’s major partners, were deployed for the first time in 2006 when preparations were under way for trading in Gazprom shares on MICEX.” 

Contacts: PR Department, Gazprombank +7 495 913 7935, +7 495 332 7781, +7 495 428 4947

About Gazprombank:

Gazprombank CSJC is one of Russia’s three largest banks and the  fifth largest  bank in Central and Eastern Europe. Gazprombank’s efficiency and reliability are highly rated by international rating agencies. Moody’s Investors Service long-term foreign currency deposit rating stands at  Baa2 (maximum available for Russia),and  the long-term senior debt rating of the Bank is A3, one of the highest ratings for Russian banks. In 2006 Standard & Poor's Ratings Service raised Gazprombank’s long- and short-term counterparty credit ratings to 'BBB-/A-3' from 'BB+/B'.

Gazprombank’s Depository is the biggest depository in Russia. It was formed in 1994 and now serves more than 500,000 clients in 136 offices all over Russia. For 2006 the total value of funds on deposit reached more than RUR4.5 trillion. Gazprombank’s Depository is a custodian of the Gazprom depository receipts program.

About NDC:

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 market of the Bank of Russia, 95% conducted in the corporate and regional bond markets, and 90% of stock exchange share transactions. NDC provides storage of global certificates and depository accounting for 99% of corporate bond issues, and 95% sub-federal and municipal bond issues. The international rating agency Thomas Murray has assigned NDC an A+ rating as a central depository. In 2006 the value of assets in storage was RUR 3.3 billion; turnover was RUR 30.7 billion, and the total number of operations 1.9 million. NDC is the largest paying agent on behalf of corporate bond issuers. It is Russia's national numerating agency, authorized to assign the international ISIN and CFI indexes. It is also a member of the international accounting infrastructure, providing settlements on the global financial markets using a direct account at Clearstream Banking S.A.

Among NDC’s founders are Bank of Russia and MICEX CJSC. Members include Bank of Russia, MICEX CJSC, OJSC Bank of Moscow, Sberbank, International Moscow Bank, JP Morgan Bank International LLC, Vneshtorgbank OJSC, Bank Rossiysky Credit OJSC, Evrofinans Mosnarbank OJSC, Rosbank, Gazprombank CJSC, ING Bank Eurasia CJSC and Deutsche Bank LLC.


Press Service, NDC +7(495) 232-09-10,

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