Banco Santander Chile has appointed BNY Mellon, a global leader in investment management and investment services, as the successor depositary bank for its American depositary receipt program.
"As successor depositary, we look forward to working closely with Santander Chile to help them achieve their investor outreach goals," Christopher M. Kearns, CEO of BNY Mellon's Depositary Receipts business, said. "BNY Mellon has been in the Chilean market for over 25 years, having established the first ADR program there in 1990. Our deep roots in the Chilean market give us a strong foundation to help Santander Chile in making the transition to BNY Mellon as seamlessly as possible."
Each ADR represents 400 ordinary shares and trades on the New York Stock Exchange under the symbol 'BSAC.'
As of Dec. 31, 2014, Banco Santander Chile was the largest bank in Chile in terms of total assets and equity, with total assets of $50.2 billion and equity of $4.3 billion, employed more than 11,000 people, and had the largest private branch network in Chile, with 474 branches.
"The U.S. is a key strategic market for Santander Chile in terms of our investor relations effort," Robert Moreno, managing director of Investor Relations at Banco Santander Chile, said. "Santander Chile, one of Chile's most liquid stocks, has a long history of working with U.S. investors and is looking forward to taking this to the next level by continuing to build a successful ADR program in conjunction with BNY Mellon."
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