"We look forward to working with Banco Santander Brasil and helping to facilitate its access to the U.S. investment community," BNY Mellon's Depositary Receipts Business CEO Christopher M. Kearns said. "Brazilian companies have long relied on BNY Mellon as their depositary bank to assist them in achieving a higher level of visibility and awareness for their ADR program."
With offices in 65 countries, BNY has offered the depositary receipt program in Brazil since 1992. Overall, it is the depository for 15 banks in Latin America.
Santander Brasil is the third-largest private sector banking the country, employing more than 50,000 employees across 3,436 branches. It is the largest foreign bank operating in Brazil with a client base of more than 31 million.
BNY also has been the American depositary receipt handler for Santander in Chile since June. This latest agreement fortifies the relationship between BNY and the bank in Latin America.