NEW YORK, Nov. 4 /PRNewswire-FirstCall/ -- BNY Mellon, the global leader in asset management and securities servicing, has announced a streamlined process to expedite recovery of foreign taxes withheld from payments to holders of depositary receipts (DRs) for companies incorporated in the Netherlands, Denmark or Luxembourg.

"Working closely with our strategic partners Euroclear Bank and GlobeTax, we've created a new standard tax reclaim service for DR holders," said Michael Cole-Fontayn, chief executive officer of BNY Mellon's Depositary Receipts business. "It allows holders to easily recoup the appropriate treaty benefits for dividend payments on DRs when BNY Mellon acts as depositary, the shares are held in common depository, and the shares are subject to Dutch, Danish or Luxembourg withholding tax.

"This development levels the playing field for DR holders and helps ensure they receive the same treatment in the taxation arena as other equity holders," Cole-Fontayn added.

The new refund service became effective yesterday, November 3. New procedures and relevant forms are now available on www.euroclear.com.

BNY Mellon acts as depositary for more than 2,100 American and global depositary receipt programs, acting in partnership with leading companies from 67 countries. With an unrivaled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Learn more at www.bnymellon.com/dr.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. The company is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.1 trillion in assets under custody and administration and $966 billion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. Additional information is available at bnymellon.com.

This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.

SOURCE BNY Mellon