Ciba Specialty Chemicals Appoints Citibank Successor Depositary for ADR Programs.Business Editors NEW YORK--(BUSINESS WIRE)--March 17, 2000 Leading global developer and producer of specialty chemicals moves ADR ADR - Astra Digital Radio programs to Citibank Depositary Receipt depositary receipt A negotiable certificate that represents a company's publicly traded debt or equity. Depositary receipts are created when a company's shares or bonds are delivered to a depositary's custodian bank, which instructs the depositary to issue Services Ciba Specialty Chemicals “Ciba” redirects here. For the pre-1971 company, see Novartis. Ciba Specialty Chemicals is a chemical company based in and near Basel, Switzerland. It was formed as the non-pharmaceuticals elements of Novartis were spun out in 1997, following the merger in the Holding Inc., a leading developer, producer and seller of specialty chemicals worldwide, with headquarters in Basel, Switzerland, announced the appointment of Citibank, N.A. as successor depositary bank for its American Depositary Receipt American Depositary Receipt (ADR) Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. (ADR) programs. Ciba's OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). ADR program is publicly available to all U.S. investors and trades on the OTC market under the symbol "CSYCY" (CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. #17162W206). Two ADRs issued represent one ordinary share. Ciba's ordinary shares are listed on the Swiss Exchange and also trade on SEAQ SEAQ See: Stock Exchange Automated Quotation System International (London) and in ADR form, in the U.S. OTC market. "Ciba Specialty Chemicals is at the cutting edge of its industry and one of Citigroup's highly valued global customers," said Kurt Schneiber, Global Managing Director for Depositary Receipt Services. "We are delighted to be appointed successor depositary and look forward to helping Ciba build visibility in the U.S. markets through their ADR programs." Ciba Specialty Chemicals is one of the world's leading developers and producers of specialty chemicals and operates in 117 countries with manufacturing facilities in 29 countries. The company comprises four divisions - Additives, Colors, Consumer Care and Performance Polymers - each world class in its field. Citibank Depositary Receipt Services is a part of Citibank Worldwide Securities Services (WWSS WWSS Worldwide Satellite Systems (US DoD contract vehicle) WWSS Warfare and Warfare Support System ), a division of Citigroup's Global Corporate and Investment Bank. WWSS serves global issuers, investors and intermediaries through the world's largest and most acclaimed proprietary custody and clearing network, spanning 51 countries. It currently provides securities services to more than 2,500 customers worldwide and has $3.9 trillion in assets under custody. WWSS is the industry's premier custodian of cross-border assets, top ranked global clearer and recognized leader in depositary receipt services, and agency and trust services. Citibank began offering American Depositary Receipts in 1928 and today is the market leader, widely recognized for delivering high quality, highly liquid, programs to our customers. Citibank Depositary Receipt Services leads the market in bringing quality issuers to market and promoting ADRs as an effective capital markets tool. Citigroup (NYSE NYSE See: New York Stock Exchange :C), the most global financial services company, provides some 100 million consumers, corporations, governments and institutions in 102 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. The 1998 merger of Citigroup and Travelers Group brought together such brand names as Citibank, Travelers, Salomon Smith Barney, Commercial Credit and Primerica under Citigroup's trademark red umbrella. Additional information can be found at: http//www.citibank.com/adr. Information contained herein is a matter of record only. It should not be construed as advice or a recommendation by Citibank. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion