Citi’s Global Transaction Services business, acting through Citibank, has been appointed by Votorantim Celulose e Papel (VCP), the global pulp and paper company based in Brazil, as the successor depositary bank for its New York Stock Exchange listed American Depositary Receipt (ADR) program.
Reportedly, VCP’s ordinary shares are listed on the São Paulo Stock Exchange (BOVESPA). Each ADR represents one ordinary share.
Roy Marmelo, Latin America sales head, depositary receipt services at Citi, said: “VCP is an important relationship for Citi, especially as it pertains to our Latin America franchise. Our ability to expand on this relationship through the depositary bank role is quite rewarding, and we look forward to supporting VCP’s ADR program for years to come.”
Nancy Lissemore, global head of depositary receipt services at Citi, said: “With unparalleled access to investors and intermediaries and specialized capabilities in investor relations support, Citi’s depositary receipt services is optimally positioned to help leading global companies, such as VCP, maximize the benefits of an ADR program.”
