The Bank of New York Mellon Reappointed Depositary Bank by Silicon Motion Technology Corporation
August 18 2009 - 8:00AM
PR Newswire (US)
NEW YORK, Aug. 18 /PRNewswire-FirstCall/ -- The Bank of New York
Mellon (NYSE:BK), the global leader in asset management and
securities servicing, has been reappointed by Silicon Motion
Technology Corporation (Silicon Motion) as the depositary bank for
its American depositary receipt (ADR) program. The Bank of New York
Mellon has served as depositary for Silicon Motion since its
initial public offering in June 2005. Each Silicon Motion ADR
represents four ordinary shares and trades on the Nasdaq Global
Select Market under the symbol "SIMO." Silicon Motion is a fabless
semiconductor company that designs, develops and markets high
performance, low-power semiconductor solutions for the multimedia
consumer electronics market. The company has three major product
lines: mobile storage, mobile communications, and multimedia SoCs.
Its mobile storage business is composed of microcontrollers used in
NAND flash memory storage products such as flash memory cards, USB
flash drives, SSDs, embedded flash applications, and card readers.
Its mobile communications business is composed of mobile TV IC
solutions, CDMA RF ICs, and electronic toll collection RF ICs.
Silicon Motion's multimedia SoCs business is composed of products
that support portable multimedia players, DAB systems, PC cameras,
and embedded graphics applications. "From the very beginning of our
partnership with The Bank of New York Mellon, they have
demonstrated a strong understanding and expertise of the DR
market," said Riyadh Lai, chief financial officer of Silicon
Motion. "Given our experience in working with The Bank of New York
Mellon, we believe they are best positioned to assist us in
achieving our strategic goals." "Our reappointment as depositary by
Silicon Motion testifies to the quality of our people and the
services we provide," said Michael Cole-Fontayn, chief executive
officer of The Bank of New York Mellon's Depositary Receipt
business. "We look forward to building on our partnership with
Silicon Motion and further developing programs to help them raise
visibility of their ADR program with the U.S. and global investment
community." The Bank of New York Mellon acts as depositary for more
than 2,100 American and global depositary receipt programs, acting
in partnership with leading companies from 67 countries. With an
unrivalled commitment to helping securities issuers succeed in the
world's rapidly evolving financial markets, the company delivers
the industry's most comprehensive suite of integrated depositary
receipt, corporate trust and stock transfer services. Additional
information is available at http://www.bnymellon.com/dr. The Bank
of New York Mellon Corporation is a global financial services
company focused on helping clients manage and service their
financial assets, operating in 34 countries and serving more than
100 markets. The company is a leading provider of financial
services for institutions, corporations and high-net-worth
individuals, providing superior asset management and wealth
management, asset servicing, issuer services, clearing services and
treasury services through a worldwide client-focused team. It has
$20.7 trillion in assets under custody and administration, $926
billion in assets under management, services more than $11.8
trillion in outstanding debt, and processes global payments
averaging $1.8 trillion per day. Additional information is
available at bnymellon.com. This release is for informational
purposes only. The Bank of New York Mellon provides no advice nor
recommendation or endorsement with respect to any company or
securities. Nothing herein shall be deemed to constitute an offer
to sell or a solicitation of an offer to buy securities. Depositary
Receipts: Not FDIC, State or Federal Agency Insured; May Lose
Value; No Bank, State or Federal Agency Guarantee. DATASOURCE: The
Bank of New York Mellon Corporation CONTACT: Dori Flanagan,
+1-212-815-2291, , or Joe Ailinger, +1-617-722-7571, , both of The
Bank of New York Mellon Corporation Web Site:
http://www.bnymellon.com/
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