BNY snapped up for BMW receipt programme

BNY Mellon has increased its presence in the German market recently.
By Paul Walsh
BNY Mellon has been appointed by BMW group as depositary bank for its sponsored American depositary receipt (ADR).

The new programme will replace previously unsponsored facilities and ADRs will continue to be traded on the US over-the-counter markets under the symbol BMWYY.

The agreement sees BMW become the twentieth company to switch to a sponsored depositary receipt programme with BNY Mellon.

“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.”

The deal strengthens BNY’s presence in Germany following news earlier this month that it has signed an agreement with Nomura Asset Management Deutschland to provide fund administration to its German domiciled funds with around €2bn in assets under administration.

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