NEW YORK, May 13, 2013 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been appointed by Westpac Banking Corporation as the successor depositary bank for its American depositary receipt (ADR) program. Each Westpac ADR represents five ordinary shares and trades on the New York Stock Exchange under the symbol "WBK." Westpac's ordinary shares trade on the Australian Securities Exchange under the symbol "WBC."
Westpac is one of four major banking organizations in Australia and one of the largest banking organizations in New Zealand. It provides a broad range of banking and financial services in these markets, including retail, business and institutional banking and wealth management services. Westpac has branches, affiliates and controlled entities throughout Australia, New Zealand and the Pacific region, and maintains branches and offices in some of the key financial centers around the world.
"The U.S. is a key strategic market for Westpac in terms of our investor relations efforts," said Philip Coffey, Westpac's chief financial officer. "Westpac has a long history of working with U.S. investors and is looking forward to continuing to build its ADR program with the assistance of BNY Mellon."
"We've seen growing interest from Australian companies in launching a DR program to improve access for global investors seeking portfolio diversification," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipt business. "Our appointment by Westpac shows their commitment to American investors, and we will tailor a program to help them better tap into this important capital market."
BNY Mellon acts as depositary for more than 2,700 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 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 36 countries and more than 100 markets. As of March 31, 2013, BNY Mellon had $26.3 trillion in assets under custody and/or administration, and $1.4 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 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