JPMorgan has been retained by Centrais Eltricas Brasileiras S.A. (Eletrobrs) to be the depositary bank for the company’s American Depositary Receipt (ADR) program listing on the New York Stock Exchange (NYSE).
“We have had a long-standing relationship with Eletrobrs and are pleased to continue our relationship with them as we launch their ADR program on the NYSE,” says William Kirst, depositary receipts executive for Latin America at JPMorgan. “By upgrading their program to a full NYSE listing, Eletrobrs will now have even more visibility to a larger spectrum of potential investors, while at the same time showcasing the highest standard of transparency that a NYSE listing demonstrates.”
JPMorgan has been the depositary bank for all of the Latin American listings on the NYSE in 2008: Eletrobrs (Brazil), Ecopetrol S.A. (Colombia), and Telmex Internacional (Mexico).
JPMorgan launched the first DR in Latin America in 1960 (Telfonos de Mxico) and serves as depositary for a number of prominent DR programs in Latin America, including Banco Santander – Chile, Petroleo Brasileiro S.A. and Companhia Vale do Rio Doce. In 2007, the firm launched a global depositary shares (GDS) program for Grupo Clarn S.A., the first Argentine company to have a DR listing on the London Stock Exchange. That year it also launched a global depositary receipt (GDR) program for Almacenes Exito S.A., the first primary offering of equity securities by a Colombian company outside of the home market in over 10 years.
D.C.