The Bank of New York Selected as Successor Depositary Bank by HBOS PLC
NEW YORK, October 26, 2006 -- The Bank of New York, a global leader in securities servicing, has been selected as successor depositary by HBOS plc for its American depositary receipt (ADR) program. Each HBOS ADR represents one ordinary share. The ADRs trade on the over-the-counter (OTC) market under the symbol "HBOOY."
Edinburgh-based HBOS was created in 2001 following the merger of Halifax and Bank of Scotland. According to the company, HBOS has a market capitalization of over £40 billion, assets of over £540 billion and approximately 22 million customers.
Charles Wycks, director of investor relations for HBOS, said, "Our North American shareholders are very important to us, and we hope that our new ADR partnership with The Bank of New York will help our program maximize its performance in the market. We look forward to working with The Bank of New York and giving our ADR program some well-deserved focus."
Christopher Sturdy, executive vice president and head of The Bank of New York’s Depositary Receipt Division, said, "As a leading global financial institution, HBOS knows first-hand the value of partnering with a world-class securities services provider. We look forward to working with HBOS to increase the liquidity and visibility of its ADRs in the U.S. market."
The Bank of New York is depositary for more than 1,250 American and global depositary receipt programs, a 64% market share, acting in partnership with leading companies from 61 countries. With an unrivalled commitment to helping securities issuers succeed in the world’s rapidly evolving financial markets, the Bank delivers the industry’s most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Additional information is available at www.adrbny.com.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and private banking. The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
The Bank of New York provides no advice nor recommendation or endorsement with respect to any company or security. Nothing herein shall be deemed to constitute an offer or solicitation of an offer to buy or sell securities.
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