BNY Mellon has been appointed as the new depository bank for the American depository receipt (ADR) programme of British fashion brand Burberry Group.
Previously, Burberry used Deutsche Bank as its depository. Each ADR represents two ordinary shares, and they trade on the over-the-counter market under the symbol BURBY. Local shares trade on the London Stock Exchange as BRBY.
This is the latest fashion brand to choose BNY Mellon for its ADR programme, joining the likes of Christian Dior, Mulberry, Ted Baker and Prada.
BNY Mellon is now the depository for more than 2,800 American and global depository receipt programmes.
Christopher Kearns, CEO of BNY Mellon's depositary receipts business, said: "We welcome Burberry as an ADR client and will work actively with them to build a targeted outreach program aimed at the global investment community.”
He added: "Our team of experts provides a comprehensive suite of client support services, which will enable Burberry to unlock the full potential of its DR program."
.jpg)