May 17, 2013
New York, May 13th 2013 - BNY Mellon, the global leader in investment management and investment services, has been appointed by Westpac Banking Corporation as the successor depositary bank for its American depositary receipt (ADR) program. Each Westpac ADR represents five ordinary shares and trades on the New York Stock Exchange under the symbol "WBK." Westpac's ordinary shares trade on the Australian Securities Exchange under the symbol "WBC."
Westpac is one of four major banking organizations in Australia and one of the largest banking organizations in New Zealand. It provides a broad range of banking and financial services in these markets, including retail, business and institutional banking and wealth management services. Westpac has branches, affiliates and controlled entities throughout Australia, New Zealand and the Pacific region, and maintains branches and offices in some of the key financial centers around the world.
"The U.S. is a key strategic market for Westpac in terms of our investor relations efforts," said Philip Coffey, Westpac's chief financial officer. "Westpac has a long history of working with U.S. investors and is looking forward to continuing to build its ADR program with the assistance of BNY Mellon."
"We've seen growing interest from Australian companies in launching a DR program to improve access for global investors seeking portfolio diversification," said Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipt business. "Our appointment by Westpac shows their commitment to American investors, and we will tailor a program to help them better tap into this important capital market."
Re-disseminated by The Asian Banker