From the Wires
Citi Appointed Successor Depositary for Telefônica Brasil S.A.'s Sponsored Level 2 ADR Program
By: Business Wire
Jan. 29, 2013 09:13 AM
Citi today announced that its Citi Transaction Services business, acting through Citibank N.A., has been appointed by Telefônica Brasil S.A. (Telefônica Brasil), one of the largest telecommunications companies in Brazil, as successor depositary bank for its sponsored Level 2 American Depositary Receipt (ADR) program. Telefônica Brasil’s ADR program trades on the NYSE under the symbol “VIV”, with each ADR representing 1 preferred share. Telefônica Brasil’s preferred shares are listed on the BM&F Bovespa Stock Exchange.
"We look forward to working with Citi to develop and improve our ADR program. Providing value for our ADR holders is an important commitment," said Gilmar Camurra, CFO of Telefônica Brasil.
“We are delighted that Telefônica Brasil has appointed Citi as successor depositary for its ADR program,” said Dirk Jones, Global Head of Securities and Fund Services Client Sales Management at Citi. “Citi’s vast expertise, comprehensive capabilities and powerful global network will provide Telefônica Brasil with the opportunity to continue to expand its investor base worldwide and maximize the visibility of its ADR program.”
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, Citi’s Transaction Services supports over 65,000 clients. As of the fourth quarter of 2012, it held on average $428 billion in liability balances and over $13.2 trillion in assets under custody.
For more information on Citi’s Depositary Receipt Services, visit www.citi.com/dr.
About Telefônica Brasil S.A. (source: company website)
Telefônica | Vivo is the largest telecommunications company in the country, with more than 91.9 million access, 76.8 million only in mobile operation, which holds the largest market share in the segment (29.7%) in national context, according results of 3Q12.
The company operates in the provision of fixed telephony services in São Paulo state and mobile telephony throughout the national territory and has a complete and convergent portfolio of products (fixed and mobile voice, fixed and mobile broadband, ultra broadband (over fiber), TV, data and IT). The company is present in more than 3,7 thousand cities, more than 3,1 thousand with access to 3G network – more than the total number of the cities served by other operators. Brazil, where acts since 1998, is the largest world operation of Telefonica in numbers of clients).
The main companies are Telefônica Brasil (Telefônica | Vivo) and Terra (provider and internet portal). Telefonica Group is one of the largest telecommunication conglomerates in the world, with presence in 25 countries, 313.8 million accesses, 286 K employees and revenues of 62.8 billion euros (2011). The investments planned for Brazil in the 2011-2014 period amounted to R$ 24.3 billion. For more information, visit www.telefonica.com.br
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
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