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.
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