Australian QBE Insurance Group (QBE) has appointed BNY Mellon as sole sponsored depositary bank for the its American depositary receipt (ADR) program.

Previously, QBE traded as an unsponsored ADR program serviced by multiple depositaries. Each QBE ADR represents one ordinary share and trades on the US over-the-counter market under the symbol QBIEY.

QBE’s ordinary shares trade on the Australian Securities Exchange under the symbol ‘QBE’.

QBE Insurance engages in underwriting general insurance and reinsurance risks worldwide, with operations in Australia, Asia-Pacific, Europe and the Americas. It has operations in 49 countries with more than 13,500 staff globally.

BNY Mellon is depositary bank for over 90% of the 135 sponsored depositary receipt programs of Australia-based companies, and has been active in Australia for more than 30 years.

It provides a variety of asset management, payment, trustee, depositary receipt, clearing and global custody services to Australian banks, institutional investors, listed corporations and broker-dealers.