Citi’s Global Transaction Services business, acting through Citibank N.A., has announced that it has been appointed by Iberdrola Renovables as the depositary bank for its American Depositary Receipt (ADR) programme. In making this appointment, Iberdrola Renovables has designated Citi as the sponsor of what had previously been an unsponsored ADR program.
Iberdrola Renovables’ ADRs trade in the US on the over-the-counter (OTC) market under the symbol IRVDY (CUSIP: 45074F102). The company’s ordinary shares are listed on the Spanish Stock Exchanges under the symbol IBR. Each ADR represents five ordinary shares.
Nancy Lissemore, global head of depositary receipt services at Citi, said, “We are delighted to have been appointed by Iberdrola Renovables to act as the depositary bank for their ADR program. The transition from an unsponsored program to a sponsorship facilitates a direct relationship with the issuer, which is especially gratifying when the company is an industry leader with a multi-national franchise.”
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