NEW YORK, June 1 /PRNewswire-FirstCall/ -- The Bank of New York Mellon (NYSE: BK), the global leader in asset management and securities servicing, has been selected by GB Auto S.A.E. as the depositary bank for its Global depositary receipt (GDR) program. Each GB Auto GDR represents five ordinary shares. The GDRs trade on the over-the-counter (OTC) market. GB Auto's ordinary shares trade on the Egyptian Exchange (EGX) under the symbol "AUTO."
GB Auto is an automotive assembler and distributor in the Middle East and North Africa. Based in Cairo, the company assembles, imports and distributes passenger cars under the Hyundai brand, as well as commercial vehicles (buses, trucks and trailers) under the Volvo, Mitsubishi, Hyundai and Ghabbour brands. GB Auto is also a distributor of motorcycles and scooters, offers a full line of global brand-name construction equipment, and operates Egypt's largest network of automotive sales and service centers.
"Our new GDR program is an important component of our ongoing effort to become even more accessible to global investors," said GB Auto Chief Executive Officer Dr. Raouf Ghabbour. "We are very pleased to be working with The Bank of New York Mellon as depositary, allowing international investors to trade GB Auto shares on the OTC markets."
"As the leading depositary bank in the Middle East and Egypt, we are very pleased to be partnering with such a significant presence in the Middle East and North Africa's automotive world, further strengthening that region's ties with world markets," said Michael Cole-Fontayn, chief executive officer of The Bank of New York Mellon's Depositary Receipt Division. "We look forward to applying our expertise to help GB Auto develop strategic outreach initiatives designed to broaden its international shareholder base."
The Bank of New York Mellon acts as depositary for more than 2,100 American and global depositary receipt programs, acting in partnership with leading companies from 67 countries. With an unrivalled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the Company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Additional information is available at www.bnymellon.com/dr.
The Bank of New York Mellon Corporation is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $19.5 trillion in assets under custody and administration, $881 billion in assets under management, services more than $11 trillion in outstanding debt, and processes global payments averaging $1.8 trillion per day. Additional information is available at www.bnymellon.com.
This release is for informational purposes only. The Bank of New York Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.
SOURCE The Bank of New York Mellon Corporation
