Citibank Acts As Tender and Exchange Agent for SingTel's A$17.25 Billion Acquisition of Cable & Wireless Optus Limited.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 2, 2001 Citibank Agency and Trust has been appointed as cross-border tender and exchange agent for SingTel's A$17.25 billion (Aussie dollars) acquisition of Cable & Wireless Optus Limited. Citibank said the transaction involves the cross-border tender and exchange of shares, bonds and cash by SingTel and the establishment of complex escrow agreements Escrow Agreement A certificate provided by an approved bank that guarantees the indicated securities are deposited at that particular bank. Notes: For example, an investor who writes a call option and can present an escrow agreement is considered covered. to support the transaction. To provide these services, Citibank said it is partnering with Computershare, a premier provider of stock transfer services. "Citibank is pleased to have been chosen by SingTel to play a significant role in this transaction, which is one of the largest acquisitions in the Asia Pacific region this year," said Jeffrey Volk, Managing Director and head of Citibank Agency and Trust. "This mandate is part of Citigroup's focus on delivering securities services for significant cross-border transactions in multiple jurisdictions. These transactions leverage our ability to provide for the exchange of cash, debt and equity in various currencies, as well as the ability to hedge all of the costs of the transaction." Volk noted that Citigroup has the ability to advise both buyers and sellers involved in cross-border merger and acquisitions on complex securities and tax laws in multiple jurisdictions by capitalizing on the company's global expertise. Similar transactions in which Citibank Agency and Trust has recently provided cross-border tender and exchange services include Deutsche Telekom's US$27 billion acquisition of VoiceStream and Powertel, VNU's US$2.3 billion acquisition of A.C. Nielson, AES Corporation's US$1.5 billion acquisition of Electricidad de Caracas, and Cemex's US$2.8 billion acquisition of Southdown Holdings. Citibank Agency and Trust offers a full range of agency, fiduciary, tender and exchange, depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. and escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. services in both developed and emerging markets. It manages in excess of $2.5 trillion in fixed income and equity investments on behalf of 3,000 corporations worldwide. Citibank Agency and Trust is part of Citibank Worldwide Securities Services. Citibank Worldwide Securities Services (WWSS WWSS Worldwide Satellite Systems (US DoD contract vehicle) WWSS Warfare and Warfare Support System ), a unit of Citigroup, serves global issuers, investors and intermediaries through the industry's largest proprietary network, spanning 50 countries. It currently provides securities services to more than 2,500 customers worldwide and has $4.5 trillion in assets under custody. WWSS is the industry's premier custodian bailee (custodian) n. a person with whom some article is left, usually pursuant to a contract (called a "contract of bailment"), who is responsible for the safe return of the article to the owner when the contract is fulfilled. of cross-border assets, top ranked global clearer and recognized leader in 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, and agency and trust services. The local presence of WWSS, supported globally by Regional Service Centers, ensures clients of consistent transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. worldwide, proprietary control of clearing cycles and reduced risk in all cross-border securities transactions. Citigroup (NYSE NYSE See: New York Stock Exchange :C), the preeminent global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company, provides some 120 million consumers, corporations, governments and institutions in more than 100 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. Major brand names under Citigroup's trademark umbrella are Citibank, CitiFinancial, Primerica, Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. , and Travelers. Additional information may be found at: www.citigroup.com. |
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