One of the biggest names in insurance has decided to withdraw from the New York Stock Exchange – as Aviva no longer sees the need to maintain its listing.
The company, based in Norwich, England and with a Canadian subsidiary based in Toronto, actually sold its US business back in 2013 and outlined that its trading volumes in the USA were low – under 5% of its overall trading. As such it is choosing to focus on other markets. Its last day of trading its American Depository Shares will be on December 22, after which ADS will only be available to US investors in the over-the-counter market – they are indirect securities from sponsoring banks that let investors in the US trade in foreign companies without needing to trade in foreign markets.
Despite its withdrawal, Aviva Investors Americas LLC, an investment advisory service, will continue its operations.
Aviva has been listed on the New York Stock Exchange since 2009 as part of what was seen as a global development plan. However, it sold its Aviva USA business to Athene Holding for $1.8 billion (£1.1 billion) back in 2013.
Its departure from the NYSE follows a similar withdrawal from AXA back in 2010 – AXA claimed at the time that 95% of its shares were traded in Paris.
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