BNY Mellon has been appointed by leading automobile and motorcyle maker BMW Group as depositary bank for its sponsored American depositary receipt (ADR) programme, replacing previously unsponsored facilities. The ADRs will continue to trade on the US over-the-counter market under the symbol BMWYY.
Said Norbert Mayer, senior vice president finance & group treasurer of BMW Group: ”The US is a crucial strategic market for the BMW Group, both operationally as well as in terms of our investor base. With the conversion to a sponsored Level I ADR programme we aim to facilitate access to the stock for global investors and further broaden our shareholder base in the long term,”
“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, chief executive of BNY Mellon’s Depositary Receipts business. ” This programme reinforces our strong position and commitment to serving the German market.”
Over the last three years, 19 companies from a dozen countries have switched to sponsored DR programmes with BNY Mellon.