BNY Mellon chosen for Brazilian ADR 06 January 2016São Paulo Reporter: Stephanie Palmer
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Braskem SA, a Brazilian petro-chemical firm, has appointed BNY Mellon as depository bank for its American depository receipt (ADR) programme.
Trading on the New York Stock Exchange under BAK, each ADR will represent two preferred shares.
Standard Braskem shares trade on the Brazilian stock exchange, BM&F Bovespa, under the code BRKM5.
Braskem manufactures thermoplastic resins, and sees annual revenue of 54 billion Brazilian real.
Christopher Kearns, CEO of BNY Mellon's depositary receipts business, said: “We look forward to working closely with Braskem and enhancing their access to American investors."
He added: "This program reinforces our strong position in the Latin American market and our commitment to serving companies there."
BNY Mellon now acts as depository bank for more than 2,600 global depository receipt programmes. In October, it was appointed for the ADR programmes of Banco Santander Brasil and Banco Santander Chile.
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