Etalon Group Changes GDR Programme Depositary Bank

07 November 2023

ETALON GROUP PLC (“Etalon Group” or the “Company”), one of Russia’s largest and longest-established development and construction companies, announces that it has completed the procedure for changing the depositary bank that administers its global depositary receipts (GDR) programme in accordance with Regulation S (ISIN US29760G1031).

Pursuant to an agreement that entered into force on 6 November 2023, RCS Issuer Services S.AR.L has been appointed as the new depositary bank for the Company’s GDR programme under Regulation S, replacing the Bank of New York Mellon.

Commenting on the change, Etalon Group CEO Gennadiy Shcherbina said:

“In late 2022, we undertook a programme aimed at resolving our infrastructure issue. We have done a great deal of work, having already successfully completed several important stages on the road to overcoming infrastructure-related challenges. In July, for example, Etalon Group received primary listing status on Moscow Exchange. Now, as planned, we have changed the depositary bank administering our Regulation S GDR programme. Every step of the way, we are committed to adhering to high standards of corporate governance and to informing our stakeholders about key decisions and initiatives that bring us closer to resolving our infrastructure issue.”

For information on the new depositary, please visit

This and other recent announcements are available on the Etalon Group website:

Contact Information

Etalon Group

IR Team
T: +44 (0) 20 8123 1328




About Etalon Group


Founded in 1987, Etalon Group is one of Russia’s largest development and construction companies. The Company focuses on middle class residential real estate in the Moscow and St Petersburg metropolitan areas. In 2021, the Company began a regional expansion programme and has already launched new projects in Omsk, the Novosibirsk region, Ekaterinburg, Tyumen and Kazan. With a 35-year history, Etalon Group has one of the longest and most successful track records in the Russian real estate industry. Since its foundation, Etalon Group has delivered 8.6 mln sqm of real estate.

Thanks to its integrated business model, Etalon Group is able to create added value for customers and shareholders at every stage of development, from land plot analysis and acquisition to the operation and maintenance of existing properties. Etalon Group employs more than 5,800 people, and its nationwide sales network covers 35 regions of Russia.

Etalon Group’s assets comprise 38 projects at the design and construction stages, unsold inventory at completed residential complexes and commercial properties, with total unsold NSA of 6.4 mln sqm, as well as a construction and maintenance division. According to Nikoliers, the value of Etalon Group assets as of 31 December 2022 was RUB 288 billion.

In 2022, Etalon Group’s new contract sales totalled 292 ths sqm, or RUB 58.7 billion, not including accumulated new contract sales at YIT Russia as of its acquisition.

The Company's revenue in 2022 amounted to RUB 80.6 billion, with EBITDA of RUB 16.5 billion.

Etalon Group’s GDRs have been listed on the Main Market of the London Stock Exchange since 20 April 2011 and included in the Level 1 quotation list of Moscow Exchange since 31 January 2020 under the ticker ETLN. In July 2023, the Company completed the process of changing the basis for its listing on Moscow Exchange.