São Paulo
06 January 2016
Reporter: Stephanie Palmer

BNY Mellon chosen for Brazilian ADR


Braskem SA, a Brazilian petro-chemical firm, has appointed BNY Mellon as depository bank for its American depository receipt (ADR) programme.

Trading on the New York Stock Exchange under BAK, each ADR will represent two preferred shares.

Standard Braskem shares trade on the Brazilian stock exchange, BM&F Bovespa, under the code BRKM5.

Braskem manufactures thermoplastic resins, and sees annual revenue of 54 billion Brazilian real.

Christopher Kearns, CEO of BNY Mellon's depositary receipts business, said: “We look forward to working closely with Braskem and enhancing their access to American investors."

He added: "This program reinforces our strong position in the Latin American market and our commitment to serving companies there."

BNY Mellon now acts as depository bank for more than 2,600 global depository receipt programmes. In October, it was appointed for the ADR programmes of Banco Santander Brasil and Banco Santander Chile.

More fund services news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Industry consortium creates third-party risk platform
16 November 2016 | London | Reporter: Theo Andrew
TruSight includes American Express, Bank of America, J.P. Morgan Chase and Wells Fargo, and intends to deliver a “comprehensive approach”
Big changes ahead for BNY Mellon in 2018
14 November 2017 | New York | Reporter: Theo Andrew
BNY Mellon is set to undergo sweeping organisational changes, creating three new units under its investment services segment, and merging its three largest US investment management businesses
Link Group acquires Capita Asset Services
06 November 2017 | Sydney | Reporter: Jenna Lomax
The acquisition will help the Sydney-based solution provider to expand its European operating platform, as well as its product and regional capabilities
BNP Paribas expands Italian insurance mandate
06 November 2017 | Milan | Reporter: Theo Andrew
The appointment is an expansion of BNP Paribas existing global custody mandate with the Italian insurance firm
CoInvestor chosen for Luxembourg real estate fund
06 November 2017 | Luxembourg | Reporter: Theo Andrew
CoInvestor’s online platform will help streamline access for investors looking to participate in a diverse pool of real estate-backed loans, which have been underwritten by LendInvest
Allfunds develops MiFID II tool suite
31 October 2017 | London | Reporter: Theo Andrew
The fund platform’s offerings now include an share class analysis tool, compliant access to over 54,000 funds and exchange-traded funds, and additional tools enabling clients to add value
Wolters Kluwer chosen for risk and reg by Polish bank
23 October 2017 | Warsaw | Reporter: Theo Andrew
Bank BPS will use the OneSumX solutions for static and dynamic projection analysis, liquidity reporting, interest-rate and foreign-exchange risk, as well as value-at-risk analysis
More fund services news