BNY Mellon to serve as depository for Brazilian investment bank
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BNY Mellon to serve as depository for Brazilian investment bank 04 May 2012New York Reporter: Mark Dugdale
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BNY Mellon has become the depository for BTG Global Depository Units (GDUs) to support the Brazilian investment bank’s global initial public offering.
BTG Pactual GDUs are made up of the global depository shares of Banco BTG Pactual SA, a Brazil-incorporated company, and the shares of BTG Pactual Participations, a Bermuda-incorporated company.
BNY Mellon will also serve as custodian for the underlying shares of BTG Pactual Participations’s Brazilian depository receipt programme.
"We've worked closely with BTG Pactual to develop this innovative and truly first-of-its-kind GDU structure to support the company's global capital raising activities,” said Michael Cole-Fontayn, who is the CEO of BNY Mellon's depository receipts business. “It's another great example of the ways we're pioneering new approaches to servicing our clients and the adaptability and efficiency of DRs [depositary receipts] as a vehicle for global issuers and investors.”
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