Sweden-based company Husqvarna has appointed Citi's Global Transaction Services business as successor depositary for its sponsored Level 1 American Depositary Receipt (ADR) program.

Husqvarna’s ADR program trades in the OTC marketplace under the symbol HSQVY, with each ADR comprised of two ordinary shares. Husqvarna’s ordinary shares are listed on the Nasdaq OMX Stockholm.

Citi global head of Securities Funds Services Client Sales Management Dirk Jones said that Husqvarna has chosen Citi as successor depositary for its sponsored Level 1 ADR program.

"Citi is confident that it can help Husqvarna increase their program visibility in the market through unparalleled global distribution network and comprehensive investor relations program," Jones said.

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.