Citi Wins Successor Depositary Bank Mandate from Brazilian Utility Firm

Citi has been appointed by Brazilian utility company CPFL Energia as the successor depositary bank, replacing Deutsche Bank, for CPFL’s sponsored Level III American Depositary Receipt (ADR) program.

CPFL’s ADRs are traded on the New York Stock Exchange, where one ADR equals two ordinary shares, which are traded on Brazil’s BM&FBOVESPA.

“Our relationship with Citi has broadened and evolved over the years, and we are delighted to now also have Citi as our depositary bank,” says Leandro Cappa, Investor Relations officer at CPFL. “We look forward to working closely with Citi and leveraging its value-added resources, vast Latin American and global presence, commitment to equities, and investor relations expertise to enhance our ADR holder base.”