KB Financial appoints BNY Mellon as depository 27 November 2012Korea Reporter: Georgina Lavers
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BNY Mellon has been appointed by South Korean institution KB Financial as a depository bank for its American depository receipt (ADR) programme.
Each KB Financial ADR represents one ordinary share and trades on the New York Stock Exchange under the symbol "KB." KB Financial's ordinary shares trade on the Korea Stock Exchange under the code "105560."
KB Financial is one of Korea's leading financial institutions, with total assets of $334 billion, a customer base of roughly 27 million, and an extensive branch network of over 1,180 locations nationwide.
As of September 30, 2012, the group consists of 10 subsidiaries - Kookmin Bank, KB Kookmin Card, KB Investment & Securities, KB Life Insurance, KB Asset Management, KB Real Estate Trust, KB Investment, KB Credit Information, KB Data Systems and KB Savings Bank – as well as overseas banking presences in major cities around the world.
"KB Financial's appointment of BNY Mellon illustrates their commitment to US investors, as well as our continuing support for DR issuers from the Korean market," said Michael Cole-Fontayn, CEO of BNY Mellon's Depositary Receipt business.
"We look forward to working closely with KB Financial on efforts to advance the growth of their DR program by expanding outreach to the global investment community."
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