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
BNP Paribas completes first fund transaction test using blockchain
11 January 2018 | Paris | Reporter: Jenna Lomax
The test was conducted using BNP Securities Services’s blockchain programme, Fund Link, and FundsDLT, a blockchain-based platform for fund transaction processing
KPMG Switzerland and SIX to bundle tax services
10 January 2018 | Zurich | Reporter: Jenna Lomax
KPMG Switzerland and SIX Securities Services are offering a combined package for tax services
Guernsey’s fund sector reports year-on-year growth
05 January 2018 | St Peter Port | Reporter: Jenna Lomax
Guernsey’s fund business grew by approximately £20 billion over the 12 months to the end Q3 2017
Italian custody win for BNP Paribas
12 December 2017 | Milan | Reporter: Jenna Lomax
BNP Paribas will provide Sara Assicurazioni with global custody services for €1.3 billion in Italian and foreign assets
Fundsquare and i-Hub bring KYC service to funds
12 December 2017 | Luxembourg | Reporter: Becky Butcher
Fundsquare and i-Hub have signed a commercial partnership for the introduction of i-Hub’s know-your-customer (KYC) platform to the funds industry
Lux secures funding for SaaS platform
08 December 2017 | New York | Reporter: Jenna Lomax
Transcend is Lux’s software-as-a-service solution for front-to-back office automation
SIX: Services providers must expand horizons
08 December 2017 | London | Reporter: Stephanie Palmer
Post-trade service providers must focus on providing new services in the future, while also investing in new technologies and personnel, according to research from SIX Securities Services
More fund services news