Citigroup today announced that its Global Transaction Services business, acting through Citibank, N.A., has been appointed by Turkcell İletişim Hizmetleri A.Ş. ("Turkcell"), the leading communications and technology company in Turkey, as the successor depositary bank for its American Depositary Receipt (ADR) program. Turkcell’s ADRs trade on the New York Stock Exchange under the symbol 'TKC', with 2 ADRs representing 5 ordinary shares. Turkcell’s ordinary shares are listed on the Istanbul Stock Exchange.
Nihat Narin, Division Head of Investor Relations and International Media Relations at Turkcell commented: “We are very pleased with the appointment of Citi as our new ADR depositary and are looking forward to working closely with them to develop a strong working relationship, which I believe will benefit both Turkcell and its ADR holders.”
Dirk Jones, Global Head of Securities and Fund Services Client Sales Management at Citi, said: “Turkcell is the only Turkish company listed on the New York Stock Exchange and we are proud to be appointed successor depositary bank for their ADR program. With Citi’s excellent investor relations expertise and unmatched global equity distribution network, we’re confident we can provide outstanding investor access and awareness to Turkcell’s ADR program”.
Through its Securities and Fund Services business, Citi’s industry-focused experts provide investors worldwide with tailored solutions delivered through proven global platforms that feature modular, open architecture. With over $13 trillion of assets under custody and the industry's largest proprietary network, clients can leverage Citi's local market expertise and global reach to extract value across the entire investment value chain.
Global Transaction Services, a division of Citi’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 first quarter of 2011, it held on average $355 billion in liability balances and over $13 trillion in assets under custody.
Turkcell is the leading communications and technology company in Turkey with 33.1 million subscribers and a market share of approximately 54% as of March 31, 2011 (Source: Our estimations, operators’ and Authority’s announcements). Turkcell is a leading regional player, with market leadership in five of the nine countries in which it operates with its approximately 60.4 million subscribers as of March 31, 2011. Turkcell reported a TRY2.1 billion (US$1.3 billion) net revenue with total assets of TRY15.2 billion (US$9.8 billion) as of March 31, 2011. Turkcell covers approximately 83% of the Turkish population through its 3G and 99.07% through its 2G technology supported network. It has become one of the first among the global operators to have implemented HSDPA+ and achieved a 42.2 Mbps speed using the HSPA multi carrier solution. Turkcell has been listed on the NYSE and the ISE since July 2000, and is the only NYSE-listed company in Turkey. 51.00% of Turkcell’s share capital is held by Turkcell Holding, 0.05% by Cukurova Holding, 13.07% by Sonera Holding and 1.19% by others, while the remaining 34.69% is free float.
Read more at http://www.turkcell.com.tr/en.
You can now follow the most up-to-date Turkcell developments on twitter by clicking on the link below. http://twitter.com/TurkcellNews.
Citi, a leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi 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.
Additional information may be found at www.citigroup.com.