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