The National Settlement Depository (NSD) has selected Raiffeisen Bank International as its first foreign custodian bank to establish a foreign nominee securities account.
The Russian central securities depository (CSD) will be able to provide wider access to Russian financial NSD services for Raiffeisen’s clients.
The partnership was made possible by changes to regulation of and access to the securities market in Russia, which formed a standard international financial infrastructure. It is hoped that this will now generate more interest in Russian securities from foreign investors.
Attila Szalay Berzeviczy, executive director, head of group securities services, Raiffeisen Bank, said: “Establishing a direct link with the Russian CSD will expand the range of market access options which we provide our clients with, and will contribute to the inflow of capital to the Russian securities market.”
Chairman of NSD’s executive board, Eddie Astanin, added: “An opportunity for foreign companies to open foreign nominee accounts with NSD means diversification of channels through which foreign investors can access the Russian market.”
“We believe that such a model will add value to clients of Raiffeisen Bank International who are interested in making transactions in the Russian market.”
