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. About Citi: 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: www.linkedin.com/company/citi