The Bank of New York has been selected as successor depositary by HBOS plc for its American depositary receipt (ADR) program. Each HBOS ADR represents one ordinary share. The ADRs trade on the over-the-counter (OTC) market under the symbol “HBOOY.”
Edinburgh-based HBOS was created in 2001 following the merger of Halifax and Bank of Scotland. According to the company, HBOS has a market capitalisation of over 40 billion, assets of over 540 billion and approximately 22 million customers.
“Our North American shareholders are very important to us, and we hope that our new ADR partnership with The Bank of New York will help our programme maximise its performance in the market,” says Charles Wycks, the director of investor relations for HBOS. “We look forward to working with The Bank of New York and giving our ADR program some well-deserved focus.”
“As a leading global financial institution, HBOS knows first-hand the value of partnering with a world-class securities services provider,” adds Christopher Sturdy, an executive vice president and head of The Bank of New York’s Depositary Receipt Division. “We look forward to working with HBOS to increase the liquidity and visibility of its ADRs in the US market.”