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  • Citibank to Pay More Than 38 Million Dollars for Improper Handling of American Depositary Receipts

    Citibank to Pay More Than $38 Million for Improper Handling of American Depositary Receipts



    Washington, DC - - (November 7, 2018) - - The Securities and Exchange Commission today announced that Citibank N.A. has agreed to pay $38.7 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs). ADRs – U.S. securities that represent foreign shares of a foreign company – require a corresponding number of foreign shares to be held in custody at a depositary bank. The practice of “pre-release” allows ADRs to be issued without the deposit of foreign shares provided brokers receiving them have an agreement with a depositary bank and the broker or its customer owns the number of foreign shares that corresponds to the number of shares the ADR represents. The SEC found that Citibank improperly provided ADRs to brokers in thousands of pre-release transact...
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  • U.S. Small Business Administration Recognizes Export Lenders Citibank and Byline Bank

    U.S. Small Business Administration Recognizes Export Lenders Citibank and Byline Bank



    Washington, DC - - (April 18, 2018) - - The U.S. Small Business Administration today honored Citibank and Byline Bank as the 2018 SBA Export Lenders of the Year, respectively, for large and small lending institutions during a ceremony at the 11th annual SBA Export Lender Roundtable in Washington, D.C. Citibank Senior Vice President Don DiMartini, and Byline Bank Small Business Capital President Bruce Lammers received the awards on behalf of their institutions. During the event, both lenders were recognized for their efforts to increase access to capital for United States companies, providing international trade financing to small businesses. SBA Administrator Linda McMahon said, “I want to congratulate and thank Citibank and Byline Bank for helping small business exporters expand, create high-wage jobs for Am...
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  • Staff Reporter 1
    Citibank to Pay More Than 38 Million Dollars for Improper Handling of American Depositary Receipts
    by Staff Reporter 1
    Citibank to Pay More Than $38 Million for Improper Handling of American Depositary Receipts



    Washington, DC - - (November 7, 2018) - - The Securities and Exchange Commission today announced that Citibank N.A. has agreed to pay $38.7 million to settle charges of improper handling of “pre-released” American Depositary Receipts (ADRs). ADRs – U.S. securities that represent foreign shares of a foreign company – require a corresponding number of foreign shares to be held in custody at a depositary bank. The practice of “pre-release” allows ADRs to be issued without the deposit of foreign shares provided brokers receiving them have an agreement with a depositary bank and the broker or its customer owns the number of foreign shares that corresponds to the number of shares the ADR represents. The SEC found that Citibank improperly provided ADRs to brokers in thousands of pre-release transact...
    11-10-2018, 07:55 AM
  • Staff Reporter 1
    U.S. Small Business Administration Recognizes Export Lenders Citibank and Byline Bank
    by Staff Reporter 1
    U.S. Small Business Administration Recognizes Export Lenders Citibank and Byline Bank



    Washington, DC - - (April 18, 2018) - - The U.S. Small Business Administration today honored Citibank and Byline Bank as the 2018 SBA Export Lenders of the Year, respectively, for large and small lending institutions during a ceremony at the 11th annual SBA Export Lender Roundtable in Washington, D.C. Citibank Senior Vice President Don DiMartini, and Byline Bank Small Business Capital President Bruce Lammers received the awards on behalf of their institutions. During the event, both lenders were recognized for their efforts to increase access to capital for United States companies, providing international trade financing to small businesses. SBA Administrator Linda McMahon said, “I want to congratulate and thank Citibank and Byline Bank for helping small business exporters expand, create high-wage jobs for Am...
    04-20-2018, 07:12 AM

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