NEW YORK, April 17 /PRNewswire-FirstCall/ -- The Bank of New York, a global leader in securities servicing, has been selected by IndusInd Bank Limited as depositary bank for its global depositary receipt (GDR) program. Each IndusInd Bank GDR represents one ordinary share. The GDRs trade on the Luxembourg Stock Exchange. The ordinary shares trade on the Bombay Stock Exchange and the National Stock Exchange, India's two leading stock exchanges. Headquartered in Mumbai, IndusInd Bank is a private-sector bank whose broad lines of business include corporate banking, retail banking, treasury and foreign exchange, investment banking, capital markets, non-resident Indian/high networth individual banking, and information technology. Bhaskar Ghose, managing director and chief executive officer of IndusInd Bank, said, "This appointment expands on our long-standing relationship with The Bank of New York, one of our main correspondents for U.S.-dollar clearing and trade finance. We believe that the Bank has the depositary receipt servicing expertise necessary to help us meet our goals." Christopher Sturdy, executive vice president and head of The Bank of New York's Depositary Receipt Division, said, "We welcome IndusInd Bank to our growing list of Indian bank clients. It is particularly gratifying when another bank places its confidence in our abilities, and we look forward to a mutually rewarding relationship." The Bank of New York is depositary for more than 1,250 American and global depositary receipt programs, a 64% market share, acting in partnership with leading companies from 62 countries. With an unrivalled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the Bank delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Additional information is available at www.adrbny.com. The Bank of New York has been providing high quality customer service and pioneering technology to financial institutions in India for over 20 years. Since the founding of its representative office in Mumbai in 1983, the Bank has offered a wide variety of financial products and services, including depositary receipts, trade finance and global payments. The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and wealth management. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com. The Bank of New York provides no advice nor recommendation or endorsement with respect to any company or security. Nothing herein shall be deemed to constitute an offer or solicitation of an offer to buy or sell securities. The Securities offered will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
SOURCE The Bank of New York