J.P. Morgan Appointed Depositary Bank for Nippon Steel and Sumitomo Metal ADR Program
J.P. Morgan has been appointed depositary bank for a new Level 1 American Depositary Receipt (“ADR”) program following the October 1 merger of Nippon Steel Corporation and Sumitomo Metal Industries, Ltd to form Nippon Steel & Sumitomo Metal Corporation, or NSSMC.
NSSMC’s sponsored ADR program aims to broaden the range of investment instruments in the U.S. capital markets while expanding the overall investor base. As a Level 1 ADR program, it will also achieve greater brand recognition through attracting new investors and providing them with the added convenience of investing in NSSMC’s stocks in the U.S. stock market.
Yoshihiro Takahashi, Head of J.P. Morgan’s depositary receipts group for Japan, said: “We are very pleased to have had this opportunity to work with Nippon Steel & Sumitomo Metal Corporation. We look forward to building this important relationship and providing a strong foundation for their future success.”
J.P. Morgan is committed to working closely with its clients to design and implement customized depositary receipt (DR) programs to achieve their strategic goals and facilitate DR liquidity. J.P. Morgan, which launched the world’s first DR program in 1927 for Selfridges and the first DR program in Asia in 1961 for Sony, continues to serve as depositary receipt bank for leading companies throughout the region. J.P. Morgan provides a full range of ADR and Global Depositary Receipt (“GDR”) services to issuers seeking to have their equity traded on exchanges beyond their home markets. For more information on depositary receipts and international equities, please visit J.P. Morgan’s award-winning website, www.adr.com. For more information on J.P. Morgan’s DR services, please visit http://www.jpmorgan.com/visit/adr.
About Nippon Steel & Sumitomo Metal Industries, Ltd.
NSSMC is a business holding company, which comprises five businesses: steelmaking, engineering, chemicals, new materials, and system solutions. NSSMC will advance their four initiatives of “achieving global production capability of 60 to 70 million tons”, “utilizing advanced technologies”, “improving cost competitiveness through synergies of around 150 billion yen per year”, and “reinforcing non-steel business segments.” NSSMC will secure “world top-level profitability” at any time, and will aim to increase its corporate value and improve the evaluation by shareholders and capital markets.
About J.P. Morgan Worldwide Securities Services
J.P. Morgan Worldwide Securities Services (WSS) is a premier securities servicing provider that helps institutional investors, alternative asset managers, broker dealers and equity issuers optimize efficiency, mitigate risk and enhance revenue. A division of JPMorgan Chase Bank, N.A., WSS leverages the firm’s global scale, leading technology and deep industry expertise to service investments around the world. It has $17.7 trillion in assets under custody and $7.3 trillion in funds under administration. For more information, go to www.jpmorgan.com/wss.
About JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.3 trillion and operations in more than 60 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management and private equity. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.