World's leading DR bank strengthens presence in German market
NEW YORK and FRANKFURT, Germany, July 25, 2016 /PRNewswire/ -- BNY Mellon, a global leader in investment management and investment services, has been appointed by BMW Group as depositary bank for its sponsored American depositary receipt (ADR) program, replacing previously unsponsored facilities. The ADRs will continue to trade on the U.S. over-the-counter market under the symbol "BMWYY."
Based in Germany, the BMW Group – with its three brands BMW, MINI and Rolls-Royce – is the world's leading premium manufacturer of automobiles and motorcycles and also provides premium financial and mobility services. As a global company, the BMW Group operates 31 production and assembly facilities in 14 countries and has a global sales network in more than 140 countries. As of December 31, 2015, the BMW Group had a workforce of 122,244 employees.
"The U.S. is a crucial strategic market for the BMW Group, both operationally as well as in terms of our investor base. With the conversion to a sponsored Level I ADR program we aim to facilitate access to the stock for global investors and further broaden our shareholder base in the long term," said Norbert Mayer, Senior Vice President Finance & Group Treasurer of BMW Group.
"Germany has become an increasingly significant market for investors, and BMW is one of the most widely recognized brands in the world," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business. "We look forward to working closely with BMW Group and providing resources and expertise to help the company take its new sponsored DR to the next level. This program reinforces our strong position and commitment to serving the German market."
BMW Group is the latest global firm to convert from an unsponsored to a sponsored depositary receipt program, which can add value in terms of enhanced visibility, liquidity, and other benefits from being serviced by a single depositary bank. Over the last three years, 19 companies from a dozen countries have switched to sponsored DR programs with BNY Mellon.
BNY Mellon acts as depositary for more than 2,600 American and global depositary receipt programs as of March 31, 2016. Acting in partnership with leading companies from over 65 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 investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment management and investment services in 35 countries and more than 100 markets. As of June 30, 2016, BNY Mellon had $29.5 trillion in assets under custody and/or administration, and $1.7 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Learn more at http://www.bnymellon.com/. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
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. BNY Mellon provides no advice nor recommendations or endorsement with respect to any company, security or products based on any index licensed by BNY Mellon, and we make no representation regarding the advisability of investing in the same.
SOURCE BNY Mellon