NEW YORK, Oct. 1, 2012 /PRNewswire/ -- BNY Mellon, the
global leader in investment management and investment services, has
been appointed by Standard Bank Group as depositary for its
sponsored American Depositary Receipt (ADR) program.
Previously, Standard Bank Group traded in the U.S. OTC market as an
unsponsored DR program. Each Standard Bank Group ADR
represents one ordinary share and trades under the symbol
"SGBLY." Standard Bank's ordinary shares trade on the
Johannesburg Stock Exchange (JSE) under the symbol "SBK."
Founded in 1862 and headquartered in Johannesburg, Standard Bank Group is the
largest African bank by assets and earnings. Standard
Bank offers a range of banking and related financial services in 18
countries on the African continent as well as in other select
emerging markets. The company has 1,222 branches, including loan
centers, and 7,945 ATMs across Africa. Standard Bank employs
more than 52,000 people across all geographies and has a market
capitalization of about $20
billion.
"We are delighted to partner with BNY Mellon in establishing a
sponsored ADR program and to be traded on the U.S. OTC market,"
said Simon Ridley, CFO of Standard
Bank Group. "There is great scope for the expansion of
banking services in sub-Saharan Africa, and this ADR program is an
exciting new source of potential investors to drive our growth
strategy."
Currently, 36 of the Johannesburg Stock Exchange 'Top 40'
constituents, by market cap, have a DR program. BNY Mellon is
depositary for 30 of those. Standard Bank Group is the fifth
new South African sponsored DR program established by BNY Mellon
since June.
"By establishing its new sponsored DR program, Standard Bank
Group has confirmed the importance of DRs for South African issuers
in developing their global investor relations strategies," said
Michael Cole-Fontayn, CEO of BNY Mellon's Depositary Receipts
business. "We will continue to help South Africa's top companies develop their
global investor base through the use of DRs."
BNY Mellon acts as depositary for more than 2,500 American and
global depositary receipt programs, acting in partnership with
leading companies from 68 countries. BNY Mellon is committed
to helping securities issuers access the world's rapidly evolving
financial markets and delivers a comprehensive suite of depositary
receipt services. Learn more at www.bnymellon.com/dr.
BNY Mellon is a global financial services company focused on
helping clients manage and service their financial assets,
operating in 36 countries and serving more than 100 markets. BNY
Mellon is a leading provider of financial services for
institutions, corporations and high-net-worth individuals, offering
superior investment management and investment services through a
worldwide client-focused team. It has $27.1
trillion in assets under custody and administration and
$1.3 trillion in assets under
management, services $11.5 trillion
in outstanding debt, and processes global payments averaging
$1.4 trillion per day. BNY Mellon is
the corporate brand of The Bank of New York Mellon Corporation
(NYSE: BK). Learn more at www.bnymellon.com or follow us on
Twitter@BNYMellon.
This release is for informational purposes only. BNY 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.
SOURCE BNY Mellon