Citibank establishes ADR program for Banco Bradesco S.A.NEW YORK--(BUSINESS WIRE)--June 12, 1997--Citibank N.A. today announced the establishment of a Level I ADR ADR - Astra Digital Radio program for Banco Bradesco Banco Bradesco, short for Banco Brasileiro de Descontos, that is 'Brazilian Discount Bank', is one of the Big Four banks in Brazil, the others being Banco do Brasil, Banco Itaú and Unibanco. Bradesco is the largest private bank in Brazil. S.A. The ADR program, for which Citibank acts as depositary, will trade over the counter under the symbol "BBQCY" (CUSIP CUSIP See: Committee on Uniform Securities Identification Procedures CUSIP See Committee on Uniform Securities Identification Procedures. NO. 059460105). Each ADR issued under the program represents 1,000 preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. . Banco Bradesco, Brazil's largest private bank ranked by assets, as of Dec. 31, 1996, is a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment institution. Bradesco's 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. network consists of 1,903 retail branches, 643 mini branches located in companies to serve employees, and 14,550 Bradesco Night and Day ATMs. Through its subsidiaries, Bradesco operates leasing, brokerage, credit card services The software support for PC Cards. PC Card applications talk to Card Services. See PC Card. , insurance and private pension funds. Its principal banking services include credit, savings, equity investments, asset management, and trade finance. Lazaro de Mello Brandao, chairman and president, said that the Level I ADR facility asserts Bradesco's commitment to diversify its shareholder base, increase liquidity and build share value. "The ADR program will significantly expand the market for Bradesco's securities and enhance its position in the international investment community," Brandao added. As of December 1996, Bradesco reported US$37 billion in total assets. It holds US$14 billion in deposits which corresponds to 20 million accounts. The bank's total credit and leasing portfolio equals nearly US$14 billion. Total stock holder equity is US$5.2 billion. Bradesco's strategy is to effectively adapt to Brazil's current economic changes. The company's main priorities are modernization, automation, specialization, and the establishment of broad connections to international markets. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Lazaro de Mello Brandao, "Bradesco is experiencing a period of diverse accomplishments. The company has enjoyed significant technological advances and professional specialization. Bradesco has always sought to function as a tool for its customers." "We are delighted to help Bradesco broaden its investor base by bringing international investors closer to this leading Brazilian issuer," said Roberto do Valle, president, Citibank, Brazil. Citibank is a leading depositary serving over 500 issuers worldwide. Citibank began offering depositary receipts services in 1928 and has been a leading market innovator in recent years. With a local presence in 98 countries and unsurpassed strength in delivering on-line information, Citibank is uniquely qualified to support the funding needs of issuers around the world. The above materials are provided for information purposes only and does not constitute a recommendation, reference or endorsement by Citibank to invest in any country or in any securities. This information does not constitute a solicitation or offer to any person in any jurisdiction in which such a solicitation or offer would be unlawful. CONTACT: Citibank ADRs Robert Kingsley, 212/657-7800 Antonio Pedro Rafael, 212/657-4149 or Press information: Jill Ronda, 212/657-2113 Joe Miller - Ruder Finn Ruder Finn is an United States public relations firm founded in 1948 by David Finn and William Ruder. Ruder Finn is a privately held, family-owned company that employs more than 450 people. , 212/715-1602 or Banco Bradesco Carlos Alberto Carlos Alberto is a Portuguese given name (English language Charles Albert, Italian language Carlo Alberto). It is the name of several footballers:
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