Citi Appointed as Successor Depositary Bank for Iberdrola, S.A.’s ADR Programme

Rhea-AI Summary

Citi Issuer Services, through Citibank N.A., has been appointed as the successor depositary bank for Iberdrola's sponsored Level 1 American Depositary Receipt (ADR) programme. Iberdrola's ADRs trade on the US over-the-counter market under the symbol 'IBDRY', with each ADR representing four ordinary shares listed on the Madrid Stock Exchange under 'IBE SM'.

Dirk Jones, Global Head of Issuer Services at Citi, highlighted Citi's global presence and investor relations expertise as key factors in their selection. Citi Securities Services manages approximately US$24 trillion in assets and provides a full suite of Custody, Execution, Fund, and Issuer Services. Their Issuer Services division supports depositary receipt programmes in 67 markets, facilitating cross-border capital market access.

Positive

• Citi's appointment as a successor depositary bank enhances its footprint in the ADR market.
• Iberdrola's ADR programme benefits from Citi's extensive global presence and investor relations expertise.
• Citi Securities Services manages assets worth approximately US$24 trillion, indicating strong financial health.
• Citi's global network supports depositary receipt programmes in 67 markets, providing broad market access.

Negative

• The press release lacks specific financial data regarding the impact of the ADR programme on Citi's earnings.
• No information on the potential costs or financial commitments involved in Citi assuming the depositary role.
• Absence of any mention of potential risks or challenges associated with the new appointment.

LONDON--(BUSINESS WIRE)-- Citi Issuer Services, acting through Citibank N.A., has been appointed by Iberdrola, S.A. (“Iberdrola”) to act as successor depositary bank for its sponsored Level 1 American Depositary Receipt (“ADR”) programme.

Iberdrola’s ADR programme trades in the US over-the-counter (OTC) market under the symbol “IBDRY”. Each ADR represents four ordinary shares of the company. Iberdrola’s underlying ordinary shares are listed and trade on the Madrid Stock Exchange under the symbol “IBE SM”.

“I am delighted that Citi has been selected by Iberdrola as successor ADR depositary bank for its sponsored Level 1 ADR programme,” said Dirk Jones, Global Head of Issuer Services at Citi Securities Services. “With Citi’s global presence and investor relations expertise, our platform will help facilitate the continued success of the programme and provide investors with the highest quality ADR services.”

With a focus on enabling the investment process and approximately US$24 trillion in assets under custody and administration, Citi Securities Services goes beyond borders to holistically support securities activity wherever clients need us. Through an integrated suite of Custody, Execution, Fund and Issuer Services, Citi connects and serves clients across the entire investment ecosystem.

Issuer Services is a leading provider of depositary receipt services. With depositary receipt programs in 67 markets, spanning equity and fixed-income products, Issuer Services leverages Citi’s global network to provide cross-border capital market access to issuers, intermediaries, and investors.

For more information on Citi’s Depositary Receipt Services, visit www.citi.com/dr.

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | X: @Citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

About Iberdrola

With more than 180 years of history, Iberdrola is today a global energy leader, the leading wind power producer and one of the largest electricity companies in the world in terms of stock market capitalisation. The group supplies energy to nearly 100 million people in dozens of countries, has more than 600,000 shareholders, a workforce of more than 42,000 employees and assets in excess of 150 billion euros.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240603746871/en/

Citi Media:

Harsha Jethnani

harsha.jethnani@citi.com

+65 93830872

Iberdrola Investor Relations:

Ignacio Cuenca Arambarri

Head of Investor Relations

investor.relations@iberdrola.es

+34 917 842 804

Source: Citigroup Inc.

FAQ

What is the new role of Citi in relation to Iberdrola's ADR programme?

Citi has been appointed as the successor depositary bank for Iberdrola's sponsored Level 1 ADR programme.

Where do Iberdrola's ADRs trade and under what symbol?

Iberdrola's ADRs trade on the US over-the-counter market under the symbol 'IBDRY'.

How many ordinary shares does each Iberdrola ADR represent?

Each Iberdrola ADR represents four ordinary shares.

On which exchange are Iberdrola's ordinary shares listed?

Iberdrola's ordinary shares are listed on the Madrid Stock Exchange under the symbol 'IBE SM'.

What is the role of Citi Securities Services?

Citi Securities Services manages approximately US$24 trillion in assets and provides a suite of Custody, Execution, Fund, and Issuer Services.

What markets does Citi's Issuer Services support?

Citi's Issuer Services supports depositary receipt programmes in 67 markets.