Citi was chosen as a depositary bank by a power plants developer

Citi’s Global Transaction Services business, acting through Citibank N.A., was selected by Iberdrola Renovables, a global leader in the renewable energy sector, as the depositary bank for its American Depositary Receipt (ADR) program. This way Iberdrola Renovables has designated Citi as the sponsor of what had previously been an unsponsored ADR program.

Iberdrola Renovables engages in the development, construction and operation of power plants that use renewable energy sources, as well as the sale of the electric energy that they produce. The company's business activity is currently centered on wind energy and on small-hydroelectric power stations, as well as thermal solar energy. In addition, it has started to develop other technologies such as the energy coming from biomass and from tides.

Nancy Lissemore, Global Head of Depositary Receipt Services at Citi, commented: “We are delighted to have been appointed by Iberdrola Renovables to act as the depositary bank for their ADR program. The transition from an unsponsored program to a sponsorship facilitates a direct relationship with the issuer, which is especially gratifying when the company is an industry leader with a multi-national franchise.”