BNY Mellon has been selected as depository bank for Banco Santander Brasil’s American depository receipt (ADR) programme, its second mandate with Banco Santander in Latin America this year.
Each Brazilian ADR will represent one unit of common or preferred shares, and will trade on the New York Stock Exchange under BSBR. Currently shares trade on the Brazilian stock exchange under the code SANB11.
As of 30 June 2015, Banco Santander Brasil was the third largest private sector bank in Brazil, and the largest foreign bank in the country, with a client base of about 31 million.
Christopher Kearns, CEO of BNY Mellon's depositary receipts business, said: “Brazilian companies have long relied on BNY Mellon as their depositary bank to assist them in achieving a higher level of visibility and awareness for their ADR program.”
BNY Mellon was also mandated for the SDR programme of Banco Santander Chile in August, and is now depository for 15 banks across Latin America.
