Banco Santander Chile has chosen BNY Mellon as successor depository bank for its American depository receipt (ADR) programme.
Each ADR will represent 400 shares, and will trade on the New York Stock Exchange under BSAC. Santander Chile’s ordinary shares trade on the Santiago Stock Exchange as BSANTANDER.
At the end of 2014, Banco Santander Chile was the largest bank in Chile in terms of total assets and equity, with assets totalling $50.2 billion and equity reaching $4.3 billion. The bank also has one of the best risk ratings in the region.
Robert Moreno, managing director of investor relations at Banco Santander Chile, said: "The US is a key strategic market for Santander Chile in terms of our investor relations effort."
He added: "Santander Chile, one of Chile's most liquid stocks, has a long history of working with US investors and is looking forward to taking this to the next level by continuing to build a successful ADR programme."
BNY Mellon now acts as depository for more than 2,700 American and global depository receipt programmes, spanning 65 countries.
Christopher Kearns, CEO of BNY Mellon's depositary receipts business, said: "BNY Mellon has been in the Chilean market for over 25 years, having established the first ADR program there in 1990.”
“Our deep roots in the Chilean market give us a strong foundation to help Santander Chile in making the transition to BNY Mellon as seamlessly as possible."
