Citi have announced that its Citi Transaction Services business, acting through Citibank N.A., has been appointed by Balfour Beatty plc (Balfour Beatty), the international infrastructure group, as depositary bank for its sponsored Level 1 American Depositary Receipt (ADR) programme. Balfour Beatty’s ADR programme trades in the OTCQX platform in the US over-the-counter (OTC) market under the symbol BAFYY, with each ordinary share comprised of 4 ADRs. Balfour Beatty’s ordinary shares are listed on the London Stock Exchange.
Basak Kotler, Head of Investor Relations, Balfour Beatty plc said, “We have experienced considerable expansion in our US investor base in the last couple of years, and are excited about the prospect of working with Citi to gain further access to US institutions through the ADR vehicle.”
Dirk Jones, Global Head of Securities and Fund Services Client Sales Management said, “By establishing a sponsored level 1 ADR programme, Balfour Beatty has signaled its commitment to securing further investment from US investors. We are very pleased to have been selected as depositary bank for Balfour Beatty’s ADR programme, and through our outstanding IR initiatives, we are confident that we can assist them in fulfilling the goals that they have set for the programme.”
Citi 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. With a network that spans more than 95 countries, Transaction Services supports over 65,000 clients. As of the first quarter of 2012, it held on average US$377 billion in liability balances and US$13 trillion in assets under custody.