BNY Mellon has been appointed by Nova Ljubljanska banka d.d., Ljubljana (NLB) as the depositary bank for its Depositary Receipt program. The program will be denominated in Euros while trading on the London Stock Exchange. The Global Depositary Receipts program will be Slovenia's only active DR program. Earlier offerings had been in the form of American Depositary Receipts.
In the offering, 84% of shares will be via GDRs, or 54,998,830 GDRs, equivalent to 10,999,766 shares. The total offering including over-allotment is 13,000,000 shares. Each GDR represents five shares which are traded on the Ljubljana stock exchange. GDRs will trade in London under the symbol NLB. At an offering price of price of Euro 10.30, the total GDR offering will amount to €567MM.
NLB is a financial and banking group headquartered in Slovenia with a network of branches across Slovenia, Bosnia and Herzegovina, Kosovo, Macedonia, Montenegro, and Serbia. It leads in market share in Slovenia's banking sector. The GDR program was approved by Slovenia's sovereign holding company SSH earlier this year as part of its commitment to privatize the bank. The total market capitalization of the Company will be approximately €1.030 billion at the start of trading.
"We look forward to helping NLB access capital from global investors in a program of such significant size," said Frank La Salla, Chief Executive Officer, Issuer Services, BNY Mellon. "We also see this groundbreaking GDR issuance in Slovenia as a strong confirmation that the depositary receipt structure can be activated across the region. It is a proven and efficient settlement and custody mechanism that can simplify investing in new markets globally."
BNY Mellon acts as depositary for 832 American and global depositary receipt programs as of Sept. 30, 2018. Acting in partnership with leading companies from over 55 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.
About BNY Mellon
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. As of September 30, 2018, BNY Mellon had $34.5 trillion in assets under custody and/or administration, and $1.8 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). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.
SOURCE BNY Mellon