Citi Appointed Successor Depositary for Fletcher Building Limited’s Level 1 ADR Program
New York - December 7, 2010 – Citi today announced that its Global Transaction Services business, acting through Citibank N.A., has been appointed by Fletcher Building Limited (Fletcher), a New Zealand based buildings materials manufacturer and distributor, as successor depositary bank for its sponsored Level 1 American Depositary Receipt (ADR) program. Fletcher’s ADRs will trade in the OTC marketplace, under the symbol FCREY. Fletcher’s ordinary shares are listed on the New Zealand Stock Exchange ("NZX") and the Australian Stock Exchange ("ASX"). Each ADR represents 2 ordinary shares.
Bill Roest, CFO of Fletcher Building Limited, said "The ADR programme will assist Fletcher Building in continuing to broaden the shareholder base internationally. We are delighted to have appointed Citi as our depositary bank, and know that their expertise with ADR’s will help ensure the success of the programme."
Dirk Jones, Global Head of Citi’s Securities and Funds Services Client Sales Management, said "We are very pleased to have been appointed successor depositary for Fletcher’s sponsored ADR programme. By leveraging our unparalleled global distribution network and investor relations expertise, we’re confident that we can help Fletcher increase its program visibility in the market."
For more information on Citi’s Depositary Receipt Services, visit www.citi.com/dr.
Through its Securities and Fund Services business, Citi offers issuers of debt and equity, globally consistent capabilities, and local expertise, backed by over 100 years of serving clients in markets across the globe. As a result, Citi is able to deliver specialized solutions for complex capital market transactions across more than 70 countries.
Global Transaction Services, a division of Citigroup’s Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup’s Global Transaction Services supports over 65,000 clients. As of the third quarter of 2010, it held on average $340 billion in liability balances and $12.4 trillion in assets under custody.
About Fletcher Building Limited
Fletcher Building’s five divisions - Building Products, Distribution, Infrastructure, Laminates & Panels, and Steel - deliver building products, and construction materials and services, across Australia, Asia, the Americas, Europe, the Middle East and the South Pacific. The 33 businesses within the company’s divisions include construction, the manufacture of cement, steel and building products and the world's largest manufacturer of decorative surfaces and high pressure laminates, the world’s largest manufacturer of steel roof tiles, and a range of market leading businesses in their Australasian home base. Additional information may be found at www.fletcherbuilding.com.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.