TOKYO and NEW YORK, April 11, 2011 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, has been appointed by Chuo Mitsui Trust Holdings, Inc. ("CMTH") and The Sumitomo Trust and Banking Company, Limited ("STB") as the depositary bank for the American depositary receipt (ADR) program for their newly combined entity, Sumitomo Mitsui Trust Holdings, Inc. ("SMTH"). CMTH and STB were integrated into SMTH on April 1, 2011.
SMTH's sponsored ADR program succeeds STB's existing sponsored ADR program, for which BNY Mellon was also the depositary bank. Every SMTH ADR represents one ordinary share and trades on the OTC market under the symbol "SUTNY." SMTH's ordinary shares trade on the Tokyo Stock Exchange under the new combined code "8309."
"Both Chuo Mitsui Trust and Sumitomo Trust and Banking were highly respected in Japan and around the world. Their decision to combine their ADR programs and continue to make the new program available to U.S. investors shows their commitment to their combined global shareholder base," said Michael Cole-Fontayn, chief executive officer of BNY Mellon's Depositary Receipts business.
Sumitomo Mitsui Trust Holdings, Inc. is a holding company established jointly by Chuo Mitsui Trust Holdings and Sumitomo Trust and Banking. As a financial group the bank provides trust, banking, real estate, asset management and related financial services.
BNY Mellon has been servicing Japanese institutions for almost 100 years and last year celebrated its 40th anniversary in Japan. The company opened its first office in Tokyo in 1970 via the Irving Trust Company (which merged with Bank of New York in 1988) and was granted a branch license in 1973. BNY Mellon provides a wide variety of products and services to Japanese institutional and wholesale marketplace including asset management, securities servicing and corporate trust.
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