Bank of New York Co. has been selected as depositary for the new American depositary receipts of British American Tobacco PLC.
Each ADR represents two ordinary shares and trades under the symbol BTI.
British American Tobacco, based in London, was formed when B.A.T. Industries separated its insurance and financial services operations from its tobacco business, creating two newly listed companies: Allied Zurich PLC and British American Tobacco.
Bank of New York is the world's largest depositary for American and global depositary receipts, facilities that let non-U.S. companies offer dollar-denominated securities to investors in the United States.
The bank issues depositary receipts for more than 1,200 non-U.S. companies from more than 60 countries. The bank accounts for more than 60% of all public sponsored depositary receipt programs.