Citi Appointed Successor Depositary for Posco’s ADR Program
NEW YORK -- July 23, 2013
Citi, acting through Citibank N.A., has been appointed as successor depositary
bank for POSCO, a world leading steel company, for its American Depositary
Receipt (ADR) program. POSCO's DRs trade on the New York Stock Exchange
("PKX"), the London Stock Exchange ("PIDD"), and Tokyo Stock Exchange (under
the code "5412"), and its ordinary shares trade on the Korea Stock Exchange
("POSCO"). Four POSCO ADRs represent one ordinary share.
POSCO commented, “We are very pleased with the appointment of Citi as ADR
depositary and are looking forward to developing a strong working relationship
with Citi, which certainly will benefit both POSCO and its ADR holders."
“We are delighted to be appointed depositary bank by a leading company such as
POSCO,” said Dirk Jones, Global Head of Securities and Fund Services Client
Sales Management at Citi. “Citi’s investor relations expertise and
unparalleled global presence will deliver the resources required to enable the
success of POSCO’s ADR program.”
Citi is a leading provider of depositary receipt services. With Depositary
Receipt programs in 55 markets, Citi leverages its global network to help
companies connect to new markets and raise capital worldwide.
Citi’s Securities and Fund Services provides customized solutions that support
the diverse investment and transaction strategies of investors, issuers and
intermediaries worldwide. Offering a suite of investment administration,
portfolio and fund services, trust and custody and investment and financing
solutions, Citi helps clients meet the challenges of issuing, managing and
distributing financial products and services in today’s complex and
competitive marketplace. As of the second quarter of 2013, Securities and Fund
Services held $13.4 trillion in assets under custody and administration.
Citi, the leading global bank, has approximately 200 million customer accounts
and does business in more than 160 countries and jurisdictions. Citi provides
consumers, corporations, governments and institutions with a broad range of
financial products and services, including consumer banking and credit,
corporate and investment banking, securities brokerage, transaction services,
and wealth management. Additional information may be found at
www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog:
http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn:
Nina Das, 212-816-9267
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