NEW YORK, April 27, 2011 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been appointed by Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) as the depositary bank for its American depositary receipt (ADR) program. VIG's ADR program was previously unsponsored, serviced by more than one depositary. Five VIG ADRs represent one ordinary share. The ADRs trade on the over-the-counter (OTC) market under the symbol "VNRFY." VIG's ordinary shares trade on the Vienna Stock Exchange under the symbol "VIG."
Vienna Insurance Group, headquartered in Vienna, is one of the largest international insurance groups in Central and Eastern Europe with about 25,000 employees. VIG operates more than 50 insurance companies in 24 countries and offers a wide range of insurance products and services, including property, casualty, health and life insurance. The company also offers private pension plan products, as well as motor vehicle, industrial, general liability and transport insurance products and services. VIG is listed both in Vienna and Prague.
"For several years, Vienna Insurance Group has had a significant investor base in the U.S. Now, with a sponsored ADR program, we are developing our service and making a clear commitment to U.S. investors looking to benefit from an investment in a leading CEE insurance company," said Günter Geyer, CEO of Vienna Insurance Group.
"Last year, 20 issuers converted from an unsponsored to sponsored DR program for the added benefits sponsored programs bring in terms of exposure and service," said Michael Cole-Fontayn, CEO of BNY Mellon's Depositary Receipts business. "Vienna Insurance Group's decision to convert shows long-term vision and commitment to the U.S. capital markets, and we look forward to supporting management's efforts to build a successful and liquid ADR program."
BNY Mellon acts as depositary for more than 2,100 American and global depositary receipt programs, acting in partnership with leading companies from 67 countries. With an unrivaled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer 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 $25.0 trillion in assets under custody and administration and $1.17 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 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.
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