Brazil-based WEG, an industrial equipment company, has appointed JP Morgan as the depositary bank for its American depositary receipt (ADR) programme.
Candice Teruszkin, DR sales executive for Latin America at JP Morgan, said: “We are thrilled that WEG has chosen JP Morgan for its ADR programme. Our customised DR services will help WEG meet their goals to increase visibility within the US investor community and strengthen their global market presence.”
WEG joins a line-up of Latin American companies for which JP Morgan acts as depositary. JP Morgan manages more than 20 ADR programmes in Brazil, including: Banco Santander Brasil, Companhia Siderurgica Nacional (CSN), Eletrobràs, Embraer (Empresa Brasileira de Aeronàutica), Hypermercas, Lupatech, Petroleo Brasileiro – Petrobras, TAM, Tempo Participações, TIM Participações and Vale.
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