Aviva lists in US

UK insurance group Aviva has started trading on the New York Stock Exchange (NYSE). Andrew Moss, group chief executive of Aviva, rang the Opening Bell at the NYSE to mark Aviva’s first day of trading on October 21, 2009. The company has established a level 2 American Depositary Receipt programme in conjunction with Citibank. Each Aviva ADR represents two Aviva ordinary shares. No new Aviva ordinary shares will be issued in connection with the listing and Aviva will retain its current primary listing on the London Stock Exchange. Aviva said that the NYSE listing recognises that 20% of its shareholders are in the US, and this is expected to rise. “The listing gives Aviva further access to a wider potential shareholder base and provides US investors with a more convenient and cost efficient means to hold Aviva’s shares,” it said, adding that the listing will also give momentum to Aviva’s brand in the US as it seeks to grow its market share of the annuities and retirement market in the country.