China Rapid Finance Ltd – ADR (NYSE:XRF) has appointed Citigroup Inc (NYSE:C) as the depository bank for its American Depository Receipt (ADR) program.
Citi will handle its newly appointed position through its Issuer Services Business that is operated by Citibank. The China Rapid Finance Program was created in connection with an initial public offer worth $69 million that was initially priced at $6 per ADR. The ADRs were filed in the New York Stock Exchange and they are listed under the symbol “XRF.” Each ADR is considered a single Class A ordinary share of CRF. The ordinary shares are not listed on the Chinese stock market.
“Citi is proud to be selected as depositary bank for China Rapid Finance’s ADR program,” stated Dirk Jones, the chief executive for Global Issuer Services at Citi.
Citi is well positioned to offer service to CRF and its investors
Jones also pointed out that the bank is committed to delivering the highest quality ADR services to China Rapid Finance and its investors. Citi will also benefit from new business as the depository bank for CRF. In fact, it was probably selected due to the good track record that it has created for itself as the leading depository receipt services provider. The bank currently operates depository receipt programs in 61 markets that deal with equity as well as fixed-income products.
Citi, therefore, has a lot of experience when it comes to depository receipt services, thus making it an attractive choice. The bank takes advantage of its global network so that it can offer these services to investors, intermediaries, and issuers on a cross border basis.
Citi bank has also positioned itself as a global leader in the banking industry, with roughly 200 million customers that are spread out in 160 countries. Its clientele includes governments, corporations, institutions and consumers and its financial services range from securities brokerage, wealth management, transactions, consumer banking, credit facilities among others. This strong portfolio of quality services made it more attractive and a viable option as the depository bank for the CRF.
Citi stock closed the latest trading session on Thursday at $7.94.
