Citi gets Irish biotech ADR mandate
Citi Global Transaction Services (GTS) has announced its appointment by Elan Corporation as successor depositary bank for its American Depositary Receipt (ADR) programme.
Elan's shares trade on the Irish Stock Exchange and the biotechnology company's ADRs trade on the New York Stock Exchange, one ADR represents one ordinary share.
Dirk Jones, global head of Securities and Fund Services Client Sales Management at Citi, said, "We are pleased that Elan has chosen Citi as successor depositary bank for their ADR programme. By leveraging our global distribution network and liquidity management services, we're confident we can deliver the resources required to ensure the success of Elan's programme."
