Citigroup has announced that its Global Transaction Services business, acting through Citigroup Global Markets Deutschland, has been appointed by OJSC “PHOSAGRO”, the Russian-based vertically-integrated global leader in the phosphate fertiliser industry- as the Depositary Bank for its London Stock Exchange-listed Global Depositary Receipt (GDR) programme.
“We’re very pleased that PhosAgro has chosen Citi as its Depositary Bank, says Dirk Jones, Global Head of Securities and Fund Services Client Sales Management at Citi. We look forward to helping PhosAgro attain higher program visibility and brand recognition, and to working diligently with them to craft a successful programme with broad appealin the global marketplace.”
PhosAgro’s GDR programme was established through a US$538 million offering, originally priced at US$14.00 per GDR. The GDRs are listed on the London Stock Exchange. Each GDR represents 1/30 ordinary shares; and the underlying ordinary shares have been listed in Russia on the RTS and MICEX Exchanges.
Through its Securities and Fund Services business, Citi’s industry-focused experts provide institutional investors worldwide with tailored solutions delivered through proven global platforms that feature modular, open architecture.
With $13.5 trillion of assets under custody and the industry’s largest proprietary network, clients can leverage Citi’s local market expertise and global reach to extract value across the entire investment value chain, say the group.
Global Transaction Services, a division of Citi’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.
Citigroup’s Global Transaction Services, as of the second quarter of 2011, it held on average $365 billion in liability balances and $13.5 trillion in assets under custody.
Global Custodian will be publishing a special feature on how Russia is to become a new International Financial Centre. To read the full article, please check out the next issue in hardcopy format or on the website.
(LB)