NEW YORK, Oct. 27, 2014 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, has been appointed by Trustco Group Holdings Limited as depositary bank for its sponsored American depositary receipt (ADR) program. Each ADR represents 100 ordinary shares and trades on the OTC Market under the symbol "TSCHY." Trustco's ordinary shares trade on the Johannesburg Stock Exchange under the code "TTO" and on the Namibian Stock Exchange under the code "TUC."
Trustco Group Holdings is a diversified financial services company incorporated in Namibia. The company's operations are organized along three segments: Insurance (long term, short term and mobile insurance); banking (student lending, banking and mortgage financing); and investments (property, education, media and transport). All three segments operate across Namibia, South Africa and other emerging markets.
"We appreciate the opportunity to work closely with BNY Mellon and expand the global presence of our equity through this sponsored program," said Ryan McDougall, group financial director, Trustco Group Holdings. "Our recent bank acquisition and inherent strength as an insurer continue to foster a positive image as a financial leader in Namibia. The ADR will be an exciting new venue for international investors as we continue to pursue expansion into other emerging markets."
"As the first Namibian company to create an ADR program, Trustco is seeking wider access to investors looking to broaden their portfolio into new markets," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business. "Over the last few years the ADR market has expanded from South Africa to other sub-Saharan countries, and beyond mining into new sectors such as financial services. We've played a major role helping clients in the region tap into global capital markets and look forward to working with Trustco on key outreach initiatives."
BNY Mellon acts as depositary for more than 2,800 American and global depositary receipt programs, acting in partnership with leading companies from over 65 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 investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of Sept. 30, 2014, BNY Mellon had $28.3 trillion in assets under custody and/or administration, and $1.6 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. 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. BNY Mellon provides no advice nor recommendations or endorsement with respect to any company, security or products based on any index licensed by BNY Mellon, and we make no representation regarding the advisability of investing in the same.
SOURCE BNY Mellon