Citi, acting through Citibank N.A., has been appointed by PJSC Tatneft (Tatneft) – one of the largest Russian oil companies – to act as depositary bank for its American Depositary Receipt (“ADR”) program.
Tatneft’s ADRs trade on London Stock Exchange under the symbol “ATAD” and on OTC market under the symbol “OAOFY”. Each ADR represents six ordinary shares of the company. Tatneft’s underlying ordinary shares are listed and trade on Moscow Stock Exchange under the symbols “TATN”.
Sberbank of Russia will continue to act as the Custodian providing safekeeping of the local underlying shares.
Commenting on the appointment, Dirk Jones, Global Head of Issuer Services, at Citi said: “I am delighted, on behalf of Citi that Tatneft has chosen to engage us to work with them as its Depositary Bank. Citi has a market-leading investor Relations Advisory team and an unrivalled global equity distribution network, which together enable Citi’s clients to expand their investor outreach. These unique advantages – together with colleagues around the globe – enable us to bring the power of Citi to bear for each of our clients.”
