BNY Mellon has been mandated by the BMW Group as the depository bank for its Sponsored American Depository Receipt program, replacing previously unsponsored facilities.

The BMW Group is the latest global firm to convert from an unsponsored to a sponsored depositary receipt program, which can add value in terms of enhanced visibility, liquidity, and other benefits from being serviced by a single depositary bank.

BNY Mellon, with more than $29.5trn in assets under custody and $1.7trn in assets under management, acts as depository for more than 2600 American and global depository programs.

Over the last three years, 19 companies from a dozen countries have switched to sponsored DR programs with BNY Mellon according to the bank.

Commenting on the transition Norbert Mayer, the BMW Group’s senior vice president for finance and group treasurer, said: “With the conversion to a sponsored Level I ADR program we aim to facilitate access to the stock for global investors and further broaden our shareholder base in the long term.”