Citibank Launches New York Stock Exchange Listed ADR Program for Banco Bradesco.

Business Editors

NEW YORK--(BUSINESS WIRE)--Nov. 21, 2001

Citibank Depositary Receipt Services announced today that Banco Bradesco S.A., one of the largest banks in Brazil, has upgraded its Level I American Depositary Receipt (ADR) program to a New York Stock Exchange (NYSE) listed ADR program.

Banco Bradesco ADRs trade under the symbol "BBD" (CUSIP 059460204). Each ADR represents 5,000 underlying registered shares that trade on the Bovespa, the Sao Paulo stock exchange.

"We are pleased to support Banco Bradesco, one of the leading financial services firms in Brazil and South America, as it seeks to broaden its base of U.S. investors," said Kurt Schneiber, Global Managing Director, Citibank Depositary Receipt Services. "We will fully support Bradesco's expansion through our comprehensive ADR investor relations and communications programs."

"Citibank's support has been key as we expand our ADR offering to U.S. investors through the NYSE listing," said Mr. Luiz Carlos Trabuco Cappi, Executive Vice President, Bradesco. "It is with great satisfaction that we bring our company to the NYSE and thus consolidate our position as a global player, as we aim to deliver the best value to shareholders over time."

Banco Bradesco is the largest privately-owned commercial bank in Brazil. Founded in 1943, Bradesco is a one-stop-shop concept company providing individuals and corporate clients a broad array of products and services. It also works as a bank insurance conglomerate being a key player in insurance, open pension funds and premium bond products.

On the web, Banco Bradesco is the third largest bank in the world with 2.3 million Internet users. Bradesco holds 37.3 million checking and savings accounts and a comprehensive branch network of more than 3,800 branches and mini-branches. Bradesco is a leader in asset management, investment banking and trade finance, and holds abroad a branch in New York, three branches in Grand Cayman, a subsidiary in Argentina and another in Nassau. This year Bradesco opened a broker-dealer in New York.

Citibank Depositary Receipt Services leads the market in bringing quality issuers to the US market and promoting ADRs as an effective capital markets tool. Citibank began offering American Depositary Receipts in 1928 and today is the market leader, widely recognized for delivering high quality, highly liquid programs to its customers.

Citibank Depositary Receipt Services is a part of Citibank Worldwide Securities Services (WWSS), which serves global issuers, investors and intermediaries through the world's largest and most acclaimed proprietary custody and clearing network, spanning 50 countries and territories. 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 of cross-border assets, top ranked global clearer and recognized leader in depositary receipt services, and agency and trust services.

Citigroup (NYSE: C), the preeminent global financial services company with some 190 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions 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 red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers. Additional information may be found at: www.citigroup.com.