Citi Appointed as Successor Depositary Bank for Severstal’s GDR Program

Rhea-AI Summary

Citi has been appointed as the successor depositary bank for PAO Severstal's Global Depositary Receipt (GDR) program, which is listed on the London Stock Exchange under the symbol 'SVST'. Each GDR represents one ordinary share of Severstal, also traded on the Moscow Exchange under the symbol 'CHMF'. Sberbank of Russia will serve as the custodian for local underlying shares. Dirk Jones from Citi expressed enthusiasm for the partnership, emphasizing support for Severstal’s investor outreach and the utilization of Citi’s global equity distribution network.

Positive

• Citi's appointment as successor depositary bank reinforces Severstal's GDR program.
• The partnership aims to enhance Severstal's investor outreach through Citi's expertise.

Negative

• None.

LONDON--(BUSINESS WIRE)-- Citi, acting through Citibank N.A., has been appointed by PAO Severstal (“Severstal”) to act as successor depositary bank for its Global Depositary Receipt (“GDR”) program.

Severstal’s GDRs are listed on the London Stock Exchange and trade under the symbol “SVST”. Each GDR represents 1 (one) ordinary share of the company. Severstal’s underlying ordinary shares are listed and trade on the Moscow Exchange under the symbol “CHMF”.

Sberbank of Russia will act as 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 Severstal has chosen to engage us to work with them as Depositary Bank. We look forward to supporting Severstal’s GDR program and to assisting Severstal in expanding the company´s investor outreach further through the expertise of our Investor Relations Advisory team and the breadth of Citi’s global equity distribution network.”

For more information on Citi’s Depositary Receipt Services, visit www.citi.com/dr.

About PAO Severstal

PАО Severstal is one of the world's leading vertically integrated steel and steel related mining companies, with assets in Russia, Latvia and Poland.

About Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

View source version on businesswire.com: https://www.businesswire.com/news/home/20211208005129/en/

Media contact:

Rekha Jogia-Soni

rekha.jogiasoni@citi.com

Source: Citi

FAQ

What is the significance of Citi's appointment for Severstal's GDR program?

Citi's appointment enhances Severstal's GDR program, aiming to improve investor outreach and support.

What does each GDR of Severstal represent?

Each GDR of Severstal represents one ordinary share of the company.

Where are Severstal's GDRs listed?

Severstal's GDRs are listed on the London Stock Exchange under the symbol 'SVST'.

Who is the custodian for Severstal's local shares?

Sberbank of Russia acts as the custodian for Severstal's local underlying shares.