Helping China's turbines spin.
By Citi October 08, 2010 05:04 PM
China Ming Yang Wind Power Group Limited -- the largest non-state owned or controlled wind turbine manufacturer in China, as measured by installed capacity -- has appointed Citi's Global Transaction Services business as the depositary bank for its NASDAQ-listed level 3 American Depositary Receipt (ADR) program.
Zhang Chuanwei, Chairman and CEO of China Ming Yang Wind Power Group Limited, said in a statement: "Ming Yang's successful listing on the NYSE is a big milestone and we are delighted to have Citi as our depositary bank. We are committed to providing value to our ADR holders, and are looking forward to leveraging Citi's best-in-class services and strong track records in the industry."
Global Transaction Services, a division of Citigroup's Institutional Clients Group, offers integrated cash management, trade, and securities and fund services to multinational corporations, financial institutions and public sector organizations around the world. With a network that spans more than 100 countries, Citigroup's Global Transaction Services supports over 65,000 clients. As of the second quarter of 2010, it held, on average, $320 billion in liability balances and $11.3 trillion in assets under custody.