Santander Mexico has chosen J.P. Morgan to act as the depositary bank for the company’s American Depositary Receipt (ADR) programme in relation to its recent initial public offering $4.1 billion, the largest equity offering and IPO ever in Mexico. The NYSE-listed ADRs trade under the symbol BSMX.
“This mandate further strengthens our relationship with Banco Santander, as we currently manage existing ADR programmes for shares of Santander’s Spanish, Chilean and Brazilian units,” said Dennis Bon, global head of depositary receipts at J.P. Morgan.
“The appointment demonstrates our ability to offer holistic and strategic services to clients via the partnership between the depositary receipts group and the investment and corporate banking teams.”
J.P. Morgan manages other ADR programmes in the region, including Cementos Pacasmayo, LAN Airlines, Ecopetrol, Banco Santander-Chile, Telecom Argentina, Embraer, Companhia Siderúrgica Nacional (CSN), Eletrobrás, Hypermercas, and Vale.
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