The Bank of New York Mellon, the asset management and securities servicing provider, has been selected by Banco Daycoval S.A. (Banco Daycoval) as the depositary bank for its American depositary receipt (ADR) program. Each Banco Daycoval ADR represents two preferred shares. The ADRs trade on the over-the-counter market under the symbol “BDYVY.” The preferred shares are listed on the Sao Paulo Stock Exchange (BOVESPA) under the symbol “DAYC4.”
Headquartered in Sao Paulo, Banco Daycoval is a bank in Brazil’s middle market segment, providing credit and financing services to corporate clients from industries throughout Brazil. With nationwide coverage, as well as branches in Brazil’s Federal District and the Cayman Islands, Banco Daycoval’s line of products and services for corporate clients includes credit and financing, investment and trade finance services. For individuals, Banco Daycoval offers payroll and auto loans.
“This is an important milestone for Banco Daycoval, as a Level I ADR program will provide U.S. investors with easy access to our shares as well as our success story,” says Morris Dayan, investor relations officer of Banco Daycoval. “As we entered the U.S. capital markets, we wanted the support of a very qualified depositary and chose The Bank of New York Mellon.”
“The Bank of New York Mellon serves as trustee for Banco Daycoval’s international debt facilities and we are pleased to expand our relationship with this appointment as depositary,” says Michael Cole-Fontayn, chief executive officer of The Bank of New York Mellon’s Depositary Receipt Division. “We will help Daycoval replicate its successful track record in the U.S. fixed-income market, this time for U.S. equity investors.”