NEW YORK, March 18, 2011 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment servicing, has been appointed as sole sponsored depositary bank by QBE Insurance Group Limited (QBE) for the company's American depositary receipt (ADR) program. Previously, QBE traded as an unsponsored ADR program serviced by multiple depositaries. Each QBE ADR represents one ordinary share and trades on the U.S. over-the-counter market under the symbol "QBIEY." QBE's ordinary shares trade on the Australian Securities Exchange under the symbol "QBE."
QBE Insurance Group Limited engages in underwriting general insurance and reinsurance risks worldwide, with operations in Australia, Asia-Pacific, Europe and the Americas. QBE has operations in 49 countries with over 13,500 staff worldwide.
"With a truly global footprint, QBE stands to benefit greatly from expanding their shareholder base internationally," said Michael Cole-Fontayn, chief executive officer of BNY Mellon's Depositary Receipts business. "Our industry-leading team of experts looks forward to providing QBE with a comprehensive suite of support services, allowing QBE to unlock the full potential of its sponsored DR program."
BNY Mellon is depositary bank for more than 90% of the 135 sponsored depositary receipt programs of Australia-based companies, and has been active in Australia for more than 30 years, delivering a variety of asset management, payment, trustee, depositary receipt, clearing and global custody services to Australian banks, institutional investors, listed corporations and broker-dealers. The company has offices in Sydney, Rosebery NSW and Melbourne.
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 [NYSE: BK] 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, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury 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. 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