BNY Mellon announced that it has been appointed by Iberdrola as successor depositary bank for its American Depositary Receipt (ADR) program. Iberdrola describes itself as a global leader in renewable energy, the number one producer of wind power, and one of the world's biggest electricity utilities by market capitalization.
Iberdrola states that it is present in numerous countries and supplies energy to more than 100 million people, mainly in Spain, the United Kingdom (Scottish Power), the USA (AVANGRID), Brazil (Neoenergia) and Mexico. With a workforce of 34,000 and assets in excess of €113 billion, Iberdrola posted revenues of €35,075.9 million and a net profit of €3,014 million in 2018. Each Iberdrola ADR represents four ordinary shares, and trades on the OTC Market under the symbol "IBDRY."
“We are excited to welcome Iberdrola, a global energy and utilities leader, to BNY Mellon’s depositary receipts group,” said Chris Kearns, CEO of BNY Mellon’s Depositary Receipts business. “BNY Mellon has a long history of working with global issuers and is committed to further enhancing their visibility and access to the U.S. capital markets.”
BNY Mellon acts as depositary for 809 sponsored American and global depositary receipt programs as of December 31, 2018. Acting in partnership with leading companies from over 55 countries, BNY Mellon is committed to helping securities issuers access the world's rapidly evolving financial markets and delivers a comprehensive suite of depositary receipt services.
To learn more about BNY Mellon Depositary Receipts, visit our website.