Orange and BASF select BNY Mellon as depositary bank
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Orange and BASF select BNY Mellon as depositary bank 12 October 2017New York Reporter: Becky Butcher
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BNY Mellon has been appointed as successor depositary bank by both BASF, a German-based chemical company and Orange, the telecommunications company, for their American depositary receipt programmes.
BASF’s American depository receipts will continue to trade on the OTCQX, while its ordinary shares trade on the Frankfurt, Zurich and London Stock Exchanges.
Each Orange ADR represents one ordinary share and trades on the New York Stock Exchange. Orange’s ordinary shares trade on the Euronext Paris Exchange.
Christopher Kearns, CEO of BNY Mellon's Depositary Receipts business, said: “We are delighted to welcome BASF and Orange to BNY Mellon’s depositary receipts group.”
Kearns added: “These two appointments demonstrate our continued long-term commitment to serving the depositary receipts markets.”
BNY Mellon acts as a depositary bank for more than 1,000 issuers.
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