CITIBANK has established an American Depositary Receipt (ADR) programme for Hong Kong garment manufacturer and retailer Giordano Holdings. The ADRs, for which Citibank will act as depositary, will trade over-the-counter. In addition, the bank will act as custodian for the underlying ordinary shares. Each ADR issued under the programme represents 10 ordinary shares, Citibank says. Giordano's principal activity is the retailing and distribution of casual apparel and accessories under its own brand name. The Group also has an apparel manufacturing operation which supports its retailing business and supplies products to third parties. The Giordano Group achieved record sales of $2.33 billion last year, an increase of 40 per cent over 1992. Net profit was $137.6 million, while total assets were $823.9 million.