BNY Mellon Named Depository for Namibian Firm

BNY Mellon has been appointed the depository bank for Namibian-based Trustco Group Holdings for its sponsored American Depository Receipt (ADR) program.
By Joe Parsons(2147488729)
BNY Mellon has been appointed the depository bank for Namibian-based Trustco Group Holdings for its sponsored American Depository Receipt (ADR) program.

Trustco Holdings, the first company in Namibia to launch a ADR program, operates across Namibia, South Africa and other emerging markets, signifying the latest move by BNY Mellon to expand across Africa.

The ADR represents 100 ordinary shares of Trustco and is traded on the Johannesburg Stock Exchange, the Namibian Stock Exchange and on the over-the-counter market.

“Over the last few years the ADR market has expanded from South Africa to other sub-Saharan countries, and beyond mining into new sectors such as financial services,” says Christopher Kearns, CEO of BNY Mellon’s Depositary Receipts business.

“We’ve played a major role helping clients in the region tap into global capital markets and look forward to working with Trustco on key outreach initiatives.”

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