Citi Replaces BNY Mellon as Depositary Bank for DHL

Deutsche Post DHL, owner of mailing and logistics company DHL, has switched from BNY Mellon to Citi as its depositary bank for its Level 1 American Depositary Receipt (ADR) program.

In 2009, BNY Mellon became the depositary bank for the company, though it had previously had an unsponsored ADR program through multiple depositories. Now, Citi will take over this role.

“We have an attractive global business model with a powerful U.S. component through our DHL platform. We look forward to working closely with Citi and leveraging its institutional investor and broker relationships to develop our U.S. shareholder base further,” says Martin Ziegenbalg, executive vice president, head of Investor Relations at Deutsche Post DHL.

Deutsche Post DHL’s ADRs trade in the U.S. under the symbol “DPSGY,” with each ADR equal to one ordinary share. The underlying shares are listed on the Frankfurt Stock Exchange.