Brazil's Raia Drogasil taps BNY Mellon as depositary bank

Raia Drogasil, Brazil’s largest drugstore chain, recently appointed BNY Mellon as the depositary bank for its sponsored American depositary receipt (ADR) program, which allows the company to sell ADRs like ordinary shares on the over-the-counter market.

"Our DR program aims at improving the company's visibility in the capital markets, enhancing liquidity, increasing the shareholder base and facilitating access to the stock by foreign investors," Raia Drogasil Corporate Planning and Investor Relations Officer Eugenio de Zagottis said.

In 1992, BNY Mellon developed Brazil’s first DR program, and the bank has consistently worked to develop its Portugese-speaking team to better support its DR clients, who represent the majority of the DR issuers in Brazil, regardless of industry.

"As they look to raise their profile with the global investment community, we'll work closely with Raia Drogasil to build a highly targeted outreach program," BNY Mellon's Depositary Receipts Business CEO Christopher Kearns said. "We have a rich history and broad expertise in Brazil. Raia Drogasil joins a long list of Brazilian companies who have placed their confidence in BNY Mellon as their depositary bank."