BNY Mellon has been appointed by Temenos Group AG as the depositary bank for its American depositary receipt (ADR) program.
Each Temenos ADR represents one ordinary share and trades over the counter under the symbol TMSNY. Temenos’ ordinary shares trade on the Swiss Stock Exchange under the symbol TEMN.
Temenos, headquartered in Geneva and with 59 offices around the globe, providers banking software systems to retail, corporate, universal, private, Islamic, microfinance and community banks, wealth managers and financial institutions.
“The U.S. is a key strategic market for Temenos, both operationally and in terms of our investor relations effort,” says Max Chuard, CFO of Temenos. “Temenos has a long history of working with U.S. investors and, following the acquisition of TriNovus announced last month, is looking forward to taking this to the next level by building a successful ADR program in conjunction with BNY Mellon.”
“We’ll work with Temenos to develop and build a targeted outreach program aimed at American investors,” says Christopher M. Kearns, CEO of BNY Mellon’s Depositary Receipts business. “Companies from around the world establish ADRs in the U.S. because it offers them a broader shareholder base and greater liquidity.”