J.P. Morgan is new depositary for steel merger 16 October 2012Tokyo Reporter: Georgina Lavers
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J.P. Morgan is the depositary bank for a new Level 1 American Depositary Receipt programme following the 1 October merger of Nippon Steel Corporation and Sumitomo Metal Industries to form Nippon Steel & Sumitomo Metal Corporation (NSSMC).
NSSMC’s sponsored ADR programme aims to broaden the range of investment instruments in the US capital markets while expanding the overall investor base.
Yoshihiro Takahashi, head of J.P. Morgan’s depositary receipts group for Japan said: “We are very pleased to have had this opportunity to work with Nippon Steel & Sumitomo Metal Corporation. We look forward to building this important relationship and providing a strong foundation for their future success.”
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