J.P. Morgan has been selected by Santander Mexico to act as depositary bank for its American Depositary Receipt (ADR) program following Santander Mexicos $4.1 billion initial public offering (IPO).
The IPO was the largest equity offering and IPO ever in Mexico. The NYSE-listed ADRs trade under the symbol BSMX.
Santander Mexico offers retail and commercial banking, securities underwriting, brokerage, custody services and asset management.
This mandate further strengthens our relationship with Banco Santander, as we currently manage existing ADR programs for shares of Santanders Spanish, Chilean and Brazilian units, says Dennis Bon, global head of depositary receipts at J.P. Morgan. The appointment demonstrates our ability to offer holistic and strategic services to clients via the partnership between the depositary receipts group and the Investment and Corporate Banking teams.
(CG)