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BNY Mellon wins Brazilian ADR mandate
06 January 2017
The change from JPMorgan took place on 4 January
Christopher M. Kearns
Braskem, the Sao Paolo-headquartered
petrochemical company, has appointed BNY Mellon as the
successor bank for its American depositary receipt (ADR)
change in depositary bank on 4 January the Braskem programme
was with JPMorgan, which had been running it for just under
three and a half years.
Each ADR represents two preferred shares,
trading on the New York Stock Exchange (NYSE) under the symbol
Braskem’s preferred shares
trade on the BM&F Bovespa under BRKM5.
Braskem is the largest manufacturer of
thermoplastic resins in the Americas, with an annual output of
over 20 million metric tonnes including other basic chemical
and petrochemical products, with an annual revenue of R$54bn
The new mandate aims to "[enhance]
Braskem’s access to American investors", said
Christopher M. Kearns, CEO of BNY Mellon’s
depositary receipts business.
BNY Mellon also became the successor
depositary bank for the Credit Suisse ADR programme, reported
by Global Investor on 28 November. "Global
financial services companies are among the best positioned
issuers to determine a depositary bank’s service
quality," said Kearns at the time.