Citigroup allows clients to cancel depositary receipts in Russian companies
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© Reuters. FILEPHOTO: A board at the St. Petersburg International Economic Forum 2017 is adorned with Citibank’s logo. It was held in St. Petersburg Russia on June 1, 2017. REUTERS/Sergei Karpukhin(Reuters) – Citigroup Two sources close to the situation said that (NYSE:) is now allowing Russian depositary receipt holders to cancel their Russian company deposits.
Citi’s move follows steps taken by banks such as BNY Mellon (NYSE:) and JPMorgan (NYSE:) & Chase in the last two weeks. The Russian bank will give clients the share they need after the cancellation of a depositary receipt. This is a certificate issued by banks that represents shares in a foreign stock exchange.
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