JPMorgan has been appointed as depositary bank for the Intesa Sanpaolo American Depositary Receipt (ADR) programme. This will replace the previous Sanpaolo ADR program following the merger with Banca Intesa on 1 January. The ADRs are traded on the OTC market in the US.
JPMorgan’s European client base, see them currently managing over 70 blue-chip ADR programs in the region, including significant Italian ADR programs.
“Having managed Sanpaolo’s ADR facility for over eight years, we are delighted to be working with the merged entity, Intesa Sanpaolo, establishing a Level I ADR program to help facilitate the share exchange,” says James Keane, the head of ADRs in EMEA at JPMorgan Worldwide Securities Services.