J.P. Morgan has been appointed depositary bank by Banco Santander (Brasil) S.A. (“Santander Brasil”), the fourth largest bank in Brazil, for its American Depositary Receipt (ADR) program. Santander Brasil trades on the New York Stock Exchange (NYSE) under the symbol “BSBR” and on the Sao Paulo Stock Exchange (BOVESPA) under the symbol “SANB11.” Shares began trading on the NYSE and on BOVESPA on October 7.
Santander Brasil’s initial public offering is the largest ever by a Latin American company. It is also the largest offering by any foreign company on a U.S. exchange for all of 2009.
J.P. Morgan is now the depositary bank for three DR programs for bank holding company Grupo Santander – Banco Santander Spain, Banco Santander Chile, and now Banco Santander Brasil. JPMorgan is the leading provider of DR services in Latin America with 55.5% of the marketplace in terms of market valuation.
We are delighted to further enhance our relationship with Banco Santander by now bringing their unit in Brazil to the NYSE, syas Claudine Gallagher, global head of depositary receipts at J.P. Morgan. We are pleased to have been able to help Banco Santander unlock the value of its Brazilian business by accessing the depth and breadth of the U.S investment market.”
J.P. Morgan launched the first DR in Latin America in 1960 (Telfonos de Mxico) and serves as depositary for a number of leading DR programs in Latin America, including Banco Santander – Chile, Petroleo Brasileiro S.A. and Vale S.A. 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.