JPMorgan has been appointed successor depositary bank by Rio Tinto Limited for its Level 1 American Depositary Receipt (ADR) program.
The shares underlying the program are listed on the Australian Stock Exchange. Level 1 ADRs, also referred to as over-the-counter ADRs, are not listed on an exchange.
Rio Tinto is the second largest mining group in the world. This mandate follows an announcement in February that JPMorgan was appointed successor depositary bank by Rio Tinto plc for its NYSE listed ADR program, which backs its London Stock Exchange listed ordinary shares.
JPMorgan takes over the management of both ADR programmes from The Bank of New York.