European oil major Repsol has handed its American Depository Receipt (ADRs) business to Deutsche Bank, ending a long-running relationship with BNY Mellon.
The Madrid-based firm, which has seen its share price slump by 40% in the past twelve months, uses ADRs which allow its stock to be traded on American markets.
Deutsche will now hold the certificates and issue the instruments. In the case of Repsol, one ADR equals one share.
Repsol, which has been suffering with low oil prices like most energy majors, also trades on Spanish stock exchanges and the Buenos Aires Stock Exchange.
BNY Mellon, which controls more than half of the global ADR market, was sued by Repsol in 2012.
The oil firm alleged that the New York-based custodian bank - which was Repsol's collateral agent and depository bank at the time - ignored its voting instructions when electing Argentinian oil company YPF SA's board.
However a judge eventually ruled in 2014 that Repsol did not technically own the shares.
In a statement today, Deutsche Bank’s head of depository receipts Jose Sicilia said that the team is "looking forward to developing Repsol's ADR program.”
BNY Mellon has recently won ADR business from Banco Santander Brasil and Raia Drogasil, the largest drugstore chain and eighth largest retailer in Brazil.