The Bank of New York Mellon Corporation (“BNY”) (NYSE: BK), a global financial services company, has launched its Global Depositary Notes (GDN) program over Nigerian sovereign debt in conjunction with the Standard Bank Group (SBG), the largest bank in Africa by assets.
This GDN program from BNY provides investors with a simplified way to access high-yield, local currency, Nigerian government bonds through GDNs, which will be supported across multiple Standard Bank entities — including Standard Advisory London Limited (Standard London), The Standard Bank of South Africa Limited (SBSA) and Stanbic IBTC Bank PLC.
By combining Standard Bank’s deep local presence with BNY’s global cross-border investment infrastructure, this launch will provide access to global investors for local currency (NGN denominated) bonds and T-Bills.
The GDNs will be issued in two series per Nigerian bond: Reg S and 144A and will be eligible for settlement in Euroclear and Clearstream.
“This initiative reflects both institutions’ commitment to unlocking investment potential across Africa and delivering innovative solutions that support capital market development,” said Chris Kearns, Global Head of Depositary Receipts at BNY. “We look forward to building on this foundation and expanding access to other key markets across the region.”
“As a bank with African roots and global reach, we are proud to introduce this innovative solution, which offers a simplified and accessible entry point into the Nigerian market — presenting investors with a compelling opportunity to invest in one of Africa’s most dynamic economies,” said Sola Adegbesan, Head of Client, Africa Regions & International Global Markets at Standard Bank. “We believe that GDNs will ultimately benefit the country and wider West African region. We look forward to adding to this innovation in a way that underpins our overall bullish view of Africa.”
Media Contacts:
BNY
Anneliese Diedrichs
Anneliese.Diedrichs@bny.com
James Ihn
James.ihn@bny.com
Standard Bank Group
Kgomotso Moalusi
Kgomotso.Moalusi@standardbank.co.za
About BNY
BNY is a global financial services company that helps make money work for the world — managing it, moving it and keeping it safe. For more than 240 years BNY has partnered alongside clients, putting its expertise and platforms to work to help them achieve their ambitions. Today BNY helps over 90% of Fortune 100 companies and nearly all the top 100 banks globally to access the money they need. BNY supports governments in funding local projects and works with over 90% of the top 100 pension plans to safeguard investments for millions of individuals, and so much more. As of March 31, 2025, BNY oversees $53.1 trillion in assets under custody and/or administration and $2.0 trillion in assets under management.
BNY is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Headquartered in New York City, BNY has been named among Fortune's World's Most Admired Companies and Fast Company's Best Workplaces for Innovators. Additional information is available on www.bny.com. Follow on LinkedIn or visit the BNY Newsroom for the latest company news.
About Standard Bank
Standard Bank Group is the largest African bank by assets, operating in 20 African countries, four global financial centres and two offshore hubs. Headquartered in Johannesburg, South Africa, we are listed on the Johannesburg Stock Exchange, with share code SBK, and the Namibian Stock Exchange, share code SNB. Standard Bank has a 162-year history in South Africa and started building a franchise outside southern Africa in the early 1990s. Our strategic position, which enables us to connect Africa to other select emerging markets as well as pools of capital in developed markets, and our balanced portfolio of businesses, provide significant opportunities for growth.
As of 31 December 2024, Standard Bank Group had 20 million clients, employed over 50,000 people (including Liberty) and had over 1,150 points of representation and 5,500 ATMs across the African continent. The group’s largest shareholder is the Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 19.6% shareholding. In addition, Standard Bank Group and ICBC share a strategic partnership that facilitates trade and deal flow between Africa, China and select emerging markets.
For further information, go to http://www.standardbank.com