NEW YORK, Oct. 26 /PRNewswire-FirstCall/ -- 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 pounds, assets of over 540 billion pounds 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 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.
The Bank of New York
CONTACT: Dori Flanagan, +1-212-815-2291, for The Bank of New York
