Citi Appointed Depository For Sumitomo Mitsui Financial Group’s Sponsored ADR Program
Citi announced November 2 that its Global Transaction Services has been appointed depositary bank by Sumitomo Mitsui Financial Group, Inc. (“SMFG”), one of the largest banks in Japan, for its NYSE-listed Level 2 American Depositary Receipt (ADR) program.
SMFG is the holding company for a Japanese bank, Sumitomo Mitsui Banking Corporation. SMFG is the second largest bank in Japan by market value, holding assets of around US $1.37 trillion. SMFG is one of the largest companies of the Sumitomo Group and Mitsui Group companies.
SMFG’s ADR program is listed on NYSE under the symbol “SMFG” and each ADR represents 1/5 of the ordinary shares.
“We view our Depositary Receipt program as part of the strategy to be a global financial institution and we are confident the listing will be well received by our investors,” said Koichi Miyata, Director and Senior Managing Executive Officer of SMFG. “Our longstanding relationship with Citi, which began in Japan, has broadened and evolved over the years. We are very pleased to now also have Citi on board as our Depositary Bank. We expect their investor relations expertise and unmatched global reach to assist SMFG in raising shareholder visibility and broadening our investor base world-wide.”
Miguel Perez-Lafaurie Head of Depositary Receipts at Citi for the Asia Pacific Region said, “The listing of SMFG’s DR program on the NYSE was the most notable to come out of Japan in the last four years. We are proud to have been chosen by SMFG as their depositary partner in this endeavor and are committed to use our wealth of tools to make
the program an overall success.”
For more information on Citi’s Depositary Receipt Services, visit www.citi.com/dr.
Global Transaction Services, a division of Citigroup’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the third quarter of 2010, it held on average $340 billion in liability balances and $12.4 trillion in assets under custody.