Deutsche Bank Raises Concerns About Client's Missing Russian Shares
Portfolio Pulse from Lekha Gupta
Deutsche Bank (DB) disclosed that it can no longer guarantee full access to clients' Russian stocks due to a shortfall in shares backing the bank's depositary receipts (DRs) allocated before the Ukraine invasion. The shortfall is a result of Moscow's decision to allow investors to convert some DRs into local stock. Affected shares include Aeroflot, LSR Group, Mechel, and Novolipetsk Steel.
June 26, 2023 | 11:37 am
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NEGATIVE IMPACT
Deutsche Bank's inability to guarantee full access to clients' Russian stocks due to a shortfall in shares backing DRs may negatively impact investor confidence in the bank.
Deutsche Bank's disclosure of the shortfall in shares backing DRs raises concerns about the bank's ability to manage its clients' assets, which may lead to a loss of investor confidence. This could result in a negative short-term impact on the bank's stock price.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100