BNY Mellon has been appointed by Standard Bank as depositary for its sponsored American Depositary Receipt (ADR) programme.
Previously, the South African bank traded in the US OTC market as an unsponsored DR programme Each Standard Bank 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."
"We are delighted to partner with BNY Mellon in establishing a sponsored ADR program and to be traded on the US OTC market," said Simon Ridley, CFO of Standard Bank. "There is great scope for the expansion of banking services in sub-Saharan Africa, and this ADR programme is an exciting new source of potential investors to drive our growth strategy."
"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."
