Raiffeisen replaces JPMorgan as custodian for Sberbank depositary receipts

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MOSCOW — Russia’s top lender Sberbank on Monday said Raiffeisen Bank has become the custodian bank for its depositary receipts program in place of JPMorgan.

“Applications that investors have already submitted to JPMorgan as part of the compulsory conversion of Sberbank’s depositary receipts will be processed by Raiffeisen Bank in accordance with the law,” Sberbank said in a statement. (Reporting by Alexander Marrow; Editing by Jan Harvey)