Magazine article American Banker

Bank of New York Opening Office in Shanghai for Depositary Receipts

Magazine article American Banker

Bank of New York Opening Office in Shanghai for Depositary Receipts

Article excerpt

Bank of New York will open a representative office in Shanghai by mid-1994 to handle offerings of American depositary receipts, or ADRs, from China.

Bank of New York executive vice president Joseph Velli told news agencies in Hong Kong this week that issues and trading in ADRs will grow 30% to 40% annually over the next few years.

He predicted that 60% of the firms that bring new issues to market will be Asian and that Chinese companies will be the single biggest issuers of ADRs.

ADRs are receipts for existing or new shares deposited by non-U.S. companies with U.S. banks. The receipts are bought and traded by investors.

Foreign banks have been among the major issuers of ADRs. Among the banks which have most recently issued ADRs are Hong Kong's Wing Hang Bank, in which Bank of New York holds a large minority stake, and Argentina's Banco Frances del Rio de la Plata.

Istituto Mobiliare Italiano also recently applied to issue a large volume of ADRs. …

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