CITI APPOINTED SUCCESSOR DEPOSITARY FOR VCP's NYSE-LISTED ADR PROGRAM
NY - August 19, 2009 – Citi’s Global Transaction Services business, acting through Citibank N.A., today announced that it has been appointed by Votorantim Celulose e Papel S.A. ("VCP"), a leading global pulp and paper company based in Brazil, as the successor depositary bank for its New York Stock Exchange (NYSE)-listed American Depositary Receipt (ADR) program.
VCP's ADRs currently trade on the NYSE under the symbol VCP. The company's ordinary shares are listed on the São Paulo Stock Exchange (BOVESPA) under the symbol VCPA3. Each ADR represents one ordinary share.
"We are delighted with VCP's decision to move its NYSE-listed ADR program onto Citi's platform," said Nancy Lissemore, Global Head of Depositary Receipt Services at Citi. "With unparalleled access to investors and intermediaries and specialized capabilities in investor relations support, Citi's Depositary Receipt Services is optimally positioned to help leading global companies, such as VCP, maximize the benefits of an ADR program."
"VCP is an important relationship for Citi, especially as it pertains to our Latin America franchise," said Roy Marmelo, Latin America Sales Head, Depositary Receipt Services at Citi. "Our ability to expand on this relationship through the depositary bank role is quite rewarding, and we look forward to supporting VCP's ADR program for years to come."
Votorantim Celulose e Papel S.A. ("VCP") is one of Brazil's largest producers of pulp and paper, with net revenues of R$2.487 billion in 2008 and total assets of R$11,464 billion. It produces bleached eucalyptus pulp (market pulp), specialty paper and printing and writing paper. Of the 1,592 tons (1,201,000 tons of pulp and 391,000 tons of paper) sold in 2008, 60% was exported to over 50 countries on five continents.
In the first quarter of 2009, VCP began operations at the largest pulp plant in the world with a single production line, located in the state of Mato Grosso do Sul. VCP also acquired the control of Aracruz Celulose SA, of which the company had already owned 28% of the voting shares, in line with its strategy to assume the position of largest producer of pulp in the world. The combined production capacity of the two companies will reach 5.8 million tons annually, with participation estimated at 12% of global market pulp. For additional information, visit www.vcp.com.br.
Global Transaction Services, a division of Citi'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, Citi's Global Transaction Services supports over 65,000 clients. As of the second quarter of 2009, it held on average $288 billion in liability balances and $11.1 trillion in assets under custody.
For more information on Citi's Depositary Receipt Services, visit www.citi.com/dr.
Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through its two operating units, 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, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.