A cross section of Indian corporates which tapped the overseas market in 2002 through depositary receipts (DRs) has voted Deutsche Bank as the top performer before, during and after the launch of the DR programmes of these companies. However, the bank was adjudged third in terms of the number of issues handled (23, or 26 per cent share). DRs include both the global (GDRs) and the American depositary receipts (ADRs).
Citibank, which was judged as the second best DR manager in 2002, however, managed to maintain its top position in handling the highest number of issues. Of the four depositary banks competing for the Indian DR business, the two other foreign banks that emerged as winners in the Instanex Survey of Depositary Banks 2002 were Bank of New York and JP Morgan. According to Instanex Survey, Deutsche Bank got a total of 310.36 points, Citibank 290.17 points; Bank of New York 271.22 points and JP Morgan 269.46 points. During 2000-2001, Deutsche Bank had received 312.55 points followed by Citibank (277.43 points) and JP Morgan (276.88 points) respectively.
The Deutsche Banks turbo-charged performance according to Instanex Survey has been largely due to superlative ratings from issuers in the post-issue section where the bank scored the highest in six of the seven criteria.
The survey reports were based on responses during August and September 2001 by 47 Indian companies. Of these, 44 (57 per cent of the companies) have conducted 54 DR programmes and other three are prospective issuers. The survey was conducted to assist senior management at depositary banks to better understand issuer expectations, perceptions and satisfaction levels.