JPMorgan has been selected as successor depositary bank for the program for Banco Santander Chile.
JPMorgan will manage all aspects of the ADR program in the US for Banco Santander Chile, which is the largest ADR program in Chile as measured by investment value and the third largest as measured by trading value.
“We selected JPMorgan because of its extensive experience in Latin American depositary receipt programs and its dedicated team for investor relations support,” says Robert Moreno, Investor Relations manager, Banco Santander Chile.
JPMorgan assumed management of the Banco Santander Chile ADR program effective 4 August 2008. The appointment makes JPMorgan the top depositary bank in Chile as measured by investment value.
“JPMorgan is proud to welcome Banco Santander Chile as a client and will put extensive resources towards making its ADR program a success,” says William Kirst, head of Latin American Depositary Receipts, JPMorgan.
JPMorgan launched the first DR in Latin America in 1960 (Telfonos de Mxico) and serves as depositary for a number of DR programs in Latin America, including Petrobras and Vale. In 2007, the firm launched a global depositary shares (GDS) program for Grupo Clarn, the first Argentine company to have a DR listing on the London Stock Exchange and global depositary receipt (GDR) program for Almacenes Exito, the first primary offering of equity securities by a Colombian company outside of the home market in over 10 years.