Deutsche Bank today announced its appointment as successor depositary bank for the non-capital raising sponsored Level I American Depositary Receipt (ADR) program of Legal & General Group plc (L&G).
L&G is a leading provider of risk, savings, and investment management products in the United Kingdom. With over 176 years of experience, L&G is using its expertise to grow its insurance and investment businesses in the US, Asia and Europe. L&G is responsible for investing £381 billion worldwide (as at 30 June 2012), on behalf of investors, policyholders and shareholders and is one of the largest investors on the London stock market, responsible for around 5% of all investments on the London Stock Exchange. L&G has over eight million individual customers globally with life assurance, pensions, investment or general insurance plans.*
Akbar Poonawala, Head of Global Equity Services at Deutsche Bank, said, “Winning the depositary mandate for L&G represents significant recognition of Deutsche Bank’s superior client servicing capabilities from one of the United Kingdom’s most prestigious companies. We look forward to providing L&G ADR holders with the highest level of service.”
*Source: Legal & General Group plc. (December 2012)