Bank of New York Mellon has secured a new mandate from Russian lender, Sberbank, Reuters reports. Sberbank has appointed New York-based BNY Mellon as the depository bank for its depository receipts program.
The Moscow-based bank is seeking to issue depository receipts for existing shares to draw foreign investors. Sberbank was looking at Citi, Deutsche Bank and JP Morgan as possible contenders for the mandate.
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