BNY Mellon to run ADRs for Brazil’s top pharma retailer
BNY Mellon has been appointed as depository bank by Brazil’s largest drugstore chain for its sponsored American depository receipt (ADR) program.
Raia Drogasil is the eighth largest retailer in Brazil and represents nearly 90% of the country’s retail pharmacy market.
The company says its ADR program is intended to improve the company’s visibility in the capital markets, enhance its liquidity and increase the shareholder base.
American depositary receipts are stocks that trades in the US but represents a specified number of shares in a foreign firm.
BNY Mellon is the largest provider of depositary receipt programs worldwide, and established the first DR program in Brazil in 1992.
It claims to provide cross-border support to the majority of Brazilian DR issuers across all industry sectors.
According to BNY Mellon’s annual DR market review, Brazil represents more than two thirds of the DR market in Latin America, at $290bn out of a total $414.6bn in value traded.
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