BNY Mellon has been appointed depositary bank by Banco Santander Brasil for its American depository receipt (ADR) programme.
Santander Brasil is the third-largest private sector bank in Brazil and largest foreign bank operating in the country with a client base of more than 31 million.
BNY Mellon established the first ADR programme in Brazil in 1992 and provides cross-border support for the majority of the country’s ADR issuers, across all industries, the firm says.
The company also now serves as depositary for 15 banks across Latin America. In August, BNY Mellon announced that it had been chosen by Banco Santander Chile as the successor depositary for its ADR program.
"We look forward to working with Banco Santander Brasil and helping to facilitate its access to the US investment community," says Christopher M Kearns, chief executive officer of BNY Mellon's depository receipts business.
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