Banco Santander selects BNY Mellon for ADRs 11 October 2016New York Reporter: Stephanie Palmer
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BNY Mellon has been appointed as depository bank for the American depository receipt (ADR) programmes of Banco Santander Brasil and Banco Santander Chile.
Each ADR will represent one standard share, and will trade on the New York Stock Exchange under the symbol SAN. Banco Santander’s standard shares trade on the Madrid Stock Exchange under the same symbol.
According to José García Cantera, chief financial officer of Banco Santander, the US is a strategic market for the bank, especially with regards to investor relations.
He said: "Banco Santander has a long history of working with US investors and is looking forward to continuing to build its ADR program with the assistance of BNY Mellon."
Christopher Kearns, CEO of BNY Mellon's depositary receipts business, said: "We look forward to working closely with Santander and its investor relations team, providing resources and expertise to help Santander realise its goals for its depository receipts programme.”
“Our role as Santander's sole depositary agent reinforces our strong position and commitment to serving the global financial services industry and banks in Europe seeking to expand their access to capital globally."
As of 30 June 2016, BNY Mellon acts as depository for more than 2,600 global depository receipt programmes.
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