Trustco chooses BNY Mellon for first Namibian ADR 27 October 2014Windhoek Reporter: Stephanie Palmer
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Trustco Group Holdings has appointed BNY Mellon as depository bank for its sponsored American depository receipt (ADR) programme, becoming the first Namibian company to launch an ADR.
Financial services company Trustco deals in insurance, banking and investments in Namibia, South Africa and other emerging markets, and its shares already trade on the Johannesburg and Namibian stock exchanges.
The ADR will appear on the over-the-counter market as ‘TSCHY’.
Ryan McDougall, group financial director of Trustco Group Holdings, said: “Our recent bank acquisition and inherent strength as an insurer continue to foster a positive image as a financial leader in Namibia. The ADR will be an exciting new venue for international investors as we continue to pursue expansion into other emerging markets.”
BNY Mellon acts as depository bank for more than 2800 programmes worldwide. Christopher Kearns, CEO of its depository receipts business, said: “As the first Namibian company to create an ADR program, Trustco is seeking wider access to investors looking to broaden their portfolio into new markets.”
He added that the ADR market in sub-Saharan countries has shifted from, mainly, the mining sector in to financial services.
“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,” he said.
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