The Bank of New York Appointed by Escada AG as Depositary Bank
NEW YORK, August 31, 2005 - The Bank of New York, a global leader in securities servicing, has been selected by Escada AG as depositary bank for its American depositary receipt (ADR) program. Each Escada ADR represents one ordinary share. The ADRs trade on the over-the-counter market under the symbol "ESCDY" and the ordinary shares are listed on Germany’s XETRA exchange.
Headquartered in Munich, Germany, Escada is an international luxury fashion group in women’s designer fashion. Founded in 1976, Escada today has 480 locations in 60 countries. The company produces and sells women’s fashions and accessories. Fragrances, eyewear, scarves, ties, and kids wear from licensed partners are also sold under the Escada brand.
Wolfgang Ley, chief executive officer of Escada, said, "We are proud to be working with The Bank of New York on our ADR program, making our shares more available to U.S. investors. With a market presence in the U.S. fashion industry and an international investor base, the ADRs can only serve to increase Escada’s visibility in the U.S. market."
Christopher Sturdy, managing director and head of The Bank of New York’s Depositary Receipt Division, said, "We are pleased to be working with Escada to broaden its exposure in the U.S. ADR programs can significantly help non-U.S. companies secure access to the U.S. capital markets and greater worldwide brand recognition. We look forward to putting our industry-leading services to work on Escada’s behalf."
The Bank of New York sponsors more than 1,190 American and global depositary receipt programs, a 64% market share, acting in partnership with leading companies from 60 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 http://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, investment management, and individual & regional banking services. 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 http://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.
| « Back to Press Releases | « Previous Next » |
