Citibank Launches NYSE-Listed ADR Program for Shinhan Financial Group Co., Ltd.
16 September 2003, New York - Citibank Depositary Receipt Services announced today that Shinhan Financial Group Co., Ltd., Korea's largest financial services company, has upgraded its Citibank-sponsored Global Depositary Receipt (GDR) program to a New York Stock Exchange (NYSE) listed American Depositary Receipt (ADR) program. The shares have begun trading on the NYSE.
Each American Depositary Share (ADS) of the new listed program represents two common shares of Shinhan, which trade on the Korea Stock Exchange. The NYSE-listed shares trade under the symbol SHG with CUSIP 824596 10 0.
"We are pleased to support Shinhan Financial Group's goal of achieving superior visibility in the world's largest capital market. The company's global perspective positions it for long-term success," said Sanjeev Nanavati, Managing Director of Citibank Depositary Receipt Services.
"Citibank has been highly professional as we continue to embrace international standards through this listing on the New York Stock Exchange," said Young-Hwi Choi, President and CEO of Shinhan Financial Group. "Our enhanced commitment to the U.S. market furthers our goal to create compelling value for our shareholders, customers and employees."
Shinhan Financial Group Co., Ltd. is Korea's largest financial holding company, established in September 2001 and delivering a complete range of high quality financial services via a single global organization. The company is composed of 11 subsidiaries, including Shinhan Bank, Chohung Bank, Jeju Bank, Good Morning Shinhan Securities, Shinhan Card, Shinhan BNP Paribas Investment & Trust Management Co., Shinhan Capital, Shinhan Macquarie Advisory, and e-Shinhan. For further information about the company, visit www.shinhangroup.com.
About Citigroup
Citigroup (NYSE: C), the preeminent global financial services company
with some 200 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 Life and Annuity. Additional
information may be found at: www.citigroup.com.
About Citigroup Global Transaction Services
Citibank Depositary Receipt Services leads the market in bringing
quality issuers to the U.S. market and promoting American Depositary
Receipts as an effective capital markets tool. Citibank began offering
ADRs in 1928 and today is widely recognized for providing non-U.S.
companies with a gateway to the world of resources Citigroup has
to offer. In addition, our financial strength and global presence
provides clients with access to Citigroup's on-the-ground presence
and in-depth knowledge of 90 local markets. For further information
about ADRs, visit www.citigroup.com/adr.
Depositary Receipt Services is a product area within Citigroup®
Global Transaction Services is a leading provider of integrated
cash management, trade finance and securities services for corporations,
financial institutions, intermediaries and governments around the
world. With over $ 85 billion in average liability balances, more
than $5.5 trillion in assets under custody and the largest proprietary
branch network, Citigroup's award-winning operating systems and
Internet-based delivery channels enable clients to manage and monitor
working capital and investments more efficiently, streamline transaction
processing cycles, and re-engineer receivables and payment processes.
Citigroup® Global Transaction Services provides clients with access
to Citigroup's full range of capabilities and solutions along with
an on-the-ground presence and in-depth knowledge of more than 90
local markets. For additional information, see www.transactionservices.citigroup.com.
Citigroup Global Transaction Services is part of Citigroup's global
corporate and investment bank, which provides complete financial
solutions to corporations, governments and institutional investors
in more than 100 countries. Award-winning businesses include corporate
and investment banking, sales and trading, transaction services,
commercial finance and insurance products. Additional information
can be found at: www.citigroupssb.com
