BNY Mellon has been appointed by Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) as the depositary bank for its American depositary receipt (ADR) program.
VIG’s ADR program was previously unsponsored, serviced by more than one depositary. Five VIG ADRs represent one ordinary share. The ADRs trade on the over-the-counter (OTC) market under the symbol VNRFY. VIG’s ordinary shares trade on the Vienna Stock Exchange under the symbol VIG.
Vienna Insurance Group, headquartered in Vienna, operates more than 50 insurance companies in 24 countries and offers a wide range of insurance products and services, including property, casualty, health and life insurance. The company also offers private pension plan products, as well as motor vehicle, industrial, general liability and transport insurance products and services. VIG is listed both in Vienna and Prague.
“For several years, Vienna Insurance Group has had a significant investor base in the US, says Gnter Geyer, CEO of Vienna Insurance Group. Now, with a sponsored ADR program, we are developing our service and making a clear commitment to US investors looking to benefit from an investment in a leading CEE insurance company.
Michael Cole-Fontayn, CEO of BNY Mellon’s depositary receipts business, adds: “Last year, 20 issuers converted from an unsponsored to sponsored DR program for the added benefits sponsored programs bring in terms of exposure and service. Vienna Insurance Group’s decision to convert shows long-term vision and commitment to the U.S. capital markets, and we look forward to supporting management’s efforts to build a successful and liquid ADR program.”
(CG)