BNY Mellon Appointed as Successor Depositary by KB Financial Group, Inc.
NEW YORK, Nov. 26, 2012 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been appointed by KB Financial Group, Inc. as successor depositary bank for its American depositary receipt (ADR) program. Each KB Financial ADR represents one ordinary share and trades on the New York Stock Exchange under the symbol "KB." KB Financial's ordinary shares trade on the Korea Stock Exchange under the code "105560."
KB Financial is one of Korea's leading financial institutions, with total assets of $334 billion, a customer base of roughly 27 million, and an extensive branch network of over 1,180 locations nationwide. As of September 30, 2012, the group consists of 10 subsidiaries - Kookmin Bank, KB Kookmin Card, KB Investment & Securities, KB Life Insurance, KB Asset Management, KB Real Estate Trust, KB Investment, KB Credit Information, KB Data Systems and KB Savings Bank – as well as overseas banking presences in major cities around the world.
"KB Financial's appointment of BNY Mellon illustrates their commitment to U.S. investors, as well as our continuing support for DR issuers from the Korean market," said Michael Cole-Fontayn, CEO of BNY Mellon's Depositary Receipt business. "We look forward to working closely with KB Financial on efforts to advance the growth of their DR program by expanding outreach to the global investment community."
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 $27.9 trillion in assets under custody and administration and $1.4 trillion in assets under management, services $11.6 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