NEW YORK — February 2, 2026
Executive Summary
Citi Issuer Services, acting through Citibank N.A., has been appointed as the Depositary Bank for the sponsored Level 1 American Depositary Receipt (ADR) program of Siemens Energy AG, a global energy technology company. Under the appointment, Citi will provide depositary receipt services supporting Siemens Energy’s ADRs, which trade on the over-the-counter (OTC) Market in the United States under the symbol “SMERY.” Siemens Energy’s underlying ordinary shares remain listed and traded on the Frankfurt Stock Exchange under the symbol “ENR.” According to the companies, the appointment supports Siemens Energy’s continued engagement with international investors and reflects Citi’s role in providing cross-border capital market access through its global depositary receipt platform.
Announcement Overview
Citi Issuer Services has been appointed by Siemens Energy AG as Depositary Bank for the company’s sponsored Level 1 American Depositary Receipt program. The appointment is being carried out through Citibank N.A., which will act as the depositary for Siemens Energy’s ADRs traded in the United States.
The ADR program enables U.S. and international investors to access Siemens Energy shares through dollar-denominated securities traded on the OTC Market. Under the structure of a sponsored Level 1 ADR program, the issuer participates directly in the establishment and ongoing administration of the program, while the depositary bank is responsible for issuing and managing the ADRs, handling investor communications, and facilitating the flow of information between the issuer and ADR holders.
Siemens Energy’s ordinary shares continue to trade on the Frankfurt Stock Exchange, with the ADRs representing ownership interests in those underlying shares. According to the companies, the appointment is designed to support transparent access to Siemens Energy equity for investors outside the company’s primary listing venue.
Key Announcement Details
- Announcement type: Depositary bank appointment
- Depositary bank: Citi Issuer Services, acting through Citibank N.A.
- Issuer: Siemens Energy AG
- ADR program type: Sponsored Level 1 ADR
- ADR trading venue: Over-the-counter (OTC) Market
- ADR ticker symbol: SMERY
- Underlying shares listing: Frankfurt Stock Exchange
- Underlying shares ticker: ENR
- Geographic scope: Global, with U.S. investor access
- Effective date: February 2, 2026
Strategic Context
According to the companies, American Depositary Receipt programs continue to serve as an established mechanism for non-U.S. issuers seeking to broaden their investor reach without pursuing a full exchange listing in the United States. Level 1 ADR programs, in particular, provide a pathway for issuers to offer U.S. investors access to their shares while maintaining primary listings on home-market exchanges.
Siemens Energy operates in global energy markets and maintains an international shareholder base. The use of a sponsored Level 1 ADR program enables the company to maintain a structured presence in U.S. capital markets while meeting disclosure and reporting requirements aligned with OTC trading frameworks.
For depositary banks, administering ADR programs requires infrastructure capable of handling cross-border settlement, corporate actions, investor communications, and regulatory coordination. According to Citi, its depositary receipt services platform supports issuers across multiple jurisdictions and asset classes, providing operational consistency and access to global investor networks.
The appointment reflects continued demand among multinational issuers for depositary partners with global reach, market expertise, and established issuer services capabilities.
Overview of American Depositary Receipts
American Depositary Receipts are negotiable securities issued by a U.S. depositary bank that represent ownership in shares of a foreign company. ADRs are denominated in U.S. dollars and are designed to simplify access for U.S. investors by allowing foreign equities to be traded in domestic markets.
In a sponsored ADR program, the foreign issuer enters into an agreement with a depositary bank, which manages the issuance and administration of the ADRs. Level 1 ADR programs are traded on the OTC Market and are not listed on U.S. national securities exchanges. These programs typically involve fewer reporting obligations than higher-level ADR programs while still providing issuers with visibility among U.S. investors.
According to market participants, ADRs play a role in facilitating cross-border investment flows by reducing settlement complexity, currency conversion considerations, and custody challenges associated with holding foreign-listed securities directly.
Citi’s Role as Depositary Bank
As Depositary Bank for Siemens Energy’s ADR program, Citi Issuer Services will be responsible for issuing and canceling ADRs, maintaining shareholder records, and coordinating the distribution of dividends and other corporate actions to ADR holders. The depositary also acts as a conduit for information flow between the issuer and investors holding ADRs.
Citi Issuer Services operates depositary receipt programs across equity and fixed-income products in more than 65 markets. According to the company, its global network supports issuers, intermediaries, and investors by enabling access to capital markets across borders.
The appointment adds Siemens Energy to Citi’s roster of issuers utilizing its ADR infrastructure. According to Citi, its depositary services are designed to support issuers at various stages of market engagement, from initial investor outreach to ongoing program administration.
Leadership Statement
“We are committed to supporting Siemens Energy with high quality services through our industry-leading ADR solutions,” said Dirk Jones, Head of Issuer Services at Citi. “Our deep capital markets expertise and extensive global network enable us to facilitate seamless access to global capital markets for issuers like Siemens Energy.”
Siemens Energy and Its Global Market Presence
Siemens Energy AG operates as an energy technology company serving customers across multiple regions. The company’s activities span power generation, energy transmission, and industrial applications, with operations and clients distributed globally.
Siemens Energy’s equity is primarily listed on the Frankfurt Stock Exchange, where its ordinary shares trade under the symbol “ENR.” The establishment and maintenance of a sponsored Level 1 ADR program allows the company to provide U.S. market participants with access to its shares through a familiar investment vehicle.
According to the companies, the ADR program complements Siemens Energy’s existing capital markets presence and supports engagement with a broader base of institutional and individual investors.
The OTC Market and Level 1 ADR Trading
Level 1 ADRs trade on the over-the-counter market rather than on U.S. national exchanges. OTC trading allows issuers to make their shares available to U.S. investors without meeting the full listing requirements of exchanges such as the NYSE or Nasdaq.
OTC Markets provide trading platforms for securities that are not listed on national exchanges, including ADRs, foreign securities, and other instruments. Sponsored Level 1 ADR programs involve cooperation between the issuer and the depositary bank, enabling standardized disclosure and investor communications.
According to market participants, OTC-traded ADRs continue to play a role in global capital markets by providing flexibility for issuers and access for investors seeking exposure to international companies.
Cross-Border Capital Market Access
The appointment of a depositary bank is a key component of enabling cross-border capital market access. Depositary banks facilitate the operational and administrative processes required to connect issuers with investors across jurisdictions.
Citi’s global footprint and issuer services platform are positioned to support companies with international investor bases. According to Citi, its services include settlement support, corporate action processing, regulatory coordination, and investor servicing across multiple markets.
For issuers such as Siemens Energy, working with a depositary bank enables streamlined access to global capital while maintaining focus on core operations and strategic objectives.
Citi Issuer Services Platform
Citi Issuer Services provides a range of solutions supporting equity and debt issuers, including depositary receipts, custody services, and investor servicing. The platform leverages Citi’s global banking network to deliver services across markets and regions.
According to Citi, its depositary receipt services span both equity and fixed-income products and are utilized by issuers seeking access to international investors. The platform supports programs across more than 65 markets, reflecting the geographic diversity of issuers and investors served.
The appointment by Siemens Energy adds to Citi’s issuer services portfolio and reflects continued activity in the global depositary receipt market.
Market Implications of Depositary Appointments
Depositary bank appointments are operational in nature but play a role in shaping how issuers interact with global investors. The selection of a depositary partner can influence program administration, investor experience, and information flow.
According to industry participants, issuers typically evaluate depositary banks based on global reach, operational capabilities, regulatory expertise, and experience managing ADR programs. Appointments are often aligned with broader capital markets strategies and investor engagement objectives.
The appointment of Citi as Depositary Bank for Siemens Energy’s ADR program reflects these considerations within the context of an established Level 1 program.
About Citi
Citi is a global banking institution providing financial services to corporations, governments, investors, institutions, and individuals. The company operates in nearly 180 countries and jurisdictions and offers a broad range of products and services, including corporate and investment banking, wealth management, and issuer services.
Citi’s Issuer Services business supports clients with cross-border capital market needs, leveraging the firm’s global network and market expertise. Additional information about Citi and its services is available through the company’s corporate website and official communication channels.
Media Contacts
Harsha Jethnani
Email: harsha.jethnani@citi.com
Ai Li She
Email: ai.li.she@citi.com
Source Attribution
Source: Company announcement