It is the first major bank to formally inform depositary receipt holders that they may not get take ownership of precisely all the shares they are entitled to, two sources advising investors who continue to hold Russian DRs told Reuters.
In a note dated June 9, Deutsche Bank said that it had uncovered a shortfall in the shares that back the depositary receipts (DRs) the bank had allocated before the Ukraine invasion.
Deutsche Bank has told clients it can no longer guarantee full access to Russian stocks that belong to them, underlining the challenges global investors face to recover stranded investments in the country's companies.
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