The National Depository Center (NDC), Russia's only settlement depository servicing the full range of debt and equity securities of Russian issuers, reports that a general meeting of NDC members, held 27 November, reviewed the Bank of Russia’s position regarding share distribution among future shareholders in a joint stock company formed on the basis of NDC.
Nikolay Egorov, NDC Director, said: “A proposed option involving maintenance of the current structure of votes in the general meeting was supported by the Board of Directors at its meeting held November 25 and today at a general meeting of NDC members.”
The NDC Director was authorized to prepare a proposal on the terms of NDC’s reorganization and a plan for events related to NDC’s reorganization for the 1Q 2009. These will then be considered by the Board of Directors and the general meeting of NDC members in December 2008.
The general meeting of the partnership members reviewed NDC’s financial results for January-September 2008 and termed them satisfactory. A report on implementation of NDC’s income and expenses budget and NDC’s capital investments budget for January-September 2008 was also reviewed.
About NDC:
Not-for-Profit Partnership “The National Depository Center” is the largest settlement depository in Russia, servicing the full range of debt and equity securities of Russian issuers. NDC provides storage of global certificates and depository accounting for 99% of corporate bond issues, sub-federal and municipal bond issues. It services 100% of transactions conducted in the federal bond and the Bank of Russia bond markets, more than 99% of transactions conducted in the corporate and regional bond markets, and more than 99% of stock exchange transactions with equities and OTC trades. The international rating agency Thomas Murray has assigned NDC an АА- rating as a central depository. NDC is Russia's national numbering agency, and the substituting numbering agency for the CIS, authorized to assign the international ISIN and CFI codes.
Among NDC’s founders are MICEX and Bank of Russia (the founders’ shares in the property of NDC are 46.67% and 39.35% respectively, and in the votes 50.16% and 42.3% respectively). Members include GPB OJSC (Gazprombank), Evrofinans Mosnarbank, Rosbank, VTB Bank (Vneshtorgbank), Bank of Moscow, Rossiysky Credit Bank, Vnesheconombank, ING Bank Eurasia, JP Morgan Bank International LLC, UniCredit, Deutsche Bank, and Sberbank. The Partnership also has stakes in Depository Clearing Company CJSC (37.29%), in Settlement Depository Company CJSC (28.54%) and in Bank "National Clearing Centre" CJSC (0.27%).
For further information about NDC: www.ndc.ru, or NDC Public Affairs Department: +7 495 232 0910, .