NEW YORK, Oct. 1, 2012 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been appointed by Standard Bank Group as depositary for its sponsored American Depositary Receipt (ADR) program. Previously, Standard Bank Group traded in the U.S. OTC market as an unsponsored DR program. Each Standard Bank Group ADR represents one ordinary share and trades under the symbol "SGBLY." Standard Bank's ordinary shares trade on the Johannesburg Stock Exchange (JSE) under the symbol "SBK."
Founded in 1862 and headquartered in Johannesburg, Standard Bank Group is the largest African bank by assets and earnings. Standard Bank offers a range of banking and related financial services in 18 countries on the African continent as well as in other select emerging markets. The company has 1,222 branches, including loan centers, and 7,945 ATMs across Africa. Standard Bank employs more than 52,000 people across all geographies and has a market capitalization of about $20 billion.
"We are delighted to partner with BNY Mellon in establishing a sponsored ADR program and to be traded on the U.S. OTC market," said Simon Ridley, CFO of Standard Bank Group. "There is great scope for the expansion of banking services in sub-Saharan Africa, and this ADR program is an exciting new source of potential investors to drive our growth strategy."
Currently, 36 of the Johannesburg Stock Exchange 'Top 40' constituents, by market cap, have a DR program. BNY Mellon is depositary for 30 of those. Standard Bank Group is the fifth new South African sponsored DR program established by BNY Mellon since June.
"By establishing its new sponsored DR program, Standard Bank Group has confirmed the importance of DRs for South African issuers in developing their global investor relations strategies," said Michael Cole-Fontayn, CEO of BNY Mellon's Depositary Receipts business. "We will continue to help South Africa's top companies develop their global investor base through the use of DRs."
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 $27.1 trillion in assets under custody and administration and $1.3 trillion in assets under management, services $11.5 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