Citi’s Global Transaction Services said that its Brazilian unit has been selected by Bm&fBovespa to handle the trading of Brazilian Depository Receipts (BDRs) at the Sao Paulo stock exchange. The BDRs will be offered to institutions, investment funds, and asset managers in order to increase trading volumes.

Marta Alves, chief product development officer of Bm&fBovespa, said: “With the launch of Unsponsored Level I BDRs, Bm&fBovespa aims to offer new foreign investment alternatives to the local investors. This was the first bidding process for the 10 BDR program.

“This product meets the demand of local investors for access to international assets traded in Brazil. We believe that Citibank, as the bid winner, will contribute greatly to its success in Brazil.”

Alan Smith, global head of issuer services for securities and fund services at Citi, said: “We are delighted to have been appointed by Bovespa to handle the trading of BDRs in Brazil. We are committed to maintaining relevance to local investors as well as globally minded issuers and intermediaries.”

Pedro Guerra, managing director for global transaction services in Brazil at Citi, said: “We are pleased to have been chosen by Bm&fBovespa, a world-class exchange operator, and we look forward to continuing to help them elevate their global market importance through this newly launched BDR program.”