Citi´s Issuer Services business, acting through Citibank, N.A., has been appointed by Azul S.A. as the depositary bank for its Level 3 American Depositary Receipt (ADR) program, the company said.
Azul S.A.´s ADR program was established through a USD 643.5m initial public offering, originally priced at USD 20.06 per ADR. The ADRs are listed on the New York Stock Exchange under the symbol “AZUL.” Each ADR represents three preferred shares.
Citi is a leading provider of depositary receipt services. With depositary receipt programs in 61 markets, spanning equity and fixed-income products, Citi leverages its global network to provide cross-border capital market access to issuers, intermediaries and investors.
Citi has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. It 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.
Azul offers more than 800 daily flights to 102 destinations. With a fleet of 124 aircraft and more than 10,000 crewmembers, the company currently has a 32% share of departures of the Brazilian aviation market.