BNY Mellon, a global leader in investment management and investment services, has been appointed by Accor, a hotel operator based in France, as depositary bank for its sponsored American depositary receipt (ADR) program.
Accor previously traded in the US as an unsponsored DR. Each sponsored ADR represents one-fifth of an ordinary share and trades on the OTC Markets under the symbol ‘ACCYY.’ Accor’s ordinary shares trade on Euronext Paris under the code ‘AC.’
With more than 3,700 hotels and 480,000 rooms, Accor caters to business and leisure travellers in 92 countries across all hotel segments: luxury-upscale with Sofitel, Pullman, MGallery, and Grand Mercure; midscale with Novotel, Suite Novotel, Mercure and Adagio; and economy with ibis, ibis Styles, ibis budget and hotelF1. The company’s digital ecosystem includes its booking portal accorhotels.com, brand websites, and loyalty program Le Club Accorhotels.
“France is an important market for U.S. investors, and we’ll work closely with Accor to help the company achieve enhanced visibility with this new sponsored DR program,” says Christopher M Kearns, CEO of BNY Mellon’s Depositary Receipts business. "We’re committed to providing Accor with the resources and expertise they'll need to support investor outreach initiatives.”