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Article: Societe Generale, like its rivals, plans to issue depository receipts. (Brief Article)
- Article from:
- American Banker
- Article date:
- June 11, 1993
- Author:
CopyrightCOPYRIGHT 1993 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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France's Societe Generale said it plans to issue American depositary receipts, a security increasingly used by foreign banks to boost their investment profiles in the United States.
The bank plans an ADR issue in July that will be sponsored by Bank of New York Co., a spokeswoman for Societe Generale in New York confirmed.
Societe Generale has requested approval from the Securities and Exchange Commission to issue up to 50 million ADRs at a rate of five ADRs per one common share.
The ADRs will be bought and sold through stock brokers and traded over the counter.
Access for U.S. Investors
Analysts said the program will make ...