Sunday, November 1, 2009
New ADRs: Avia and Banco Santander Brazil
Aviva Plc(AV) and Banco Santander Brazil SA(BSBR) are two new ADRs that started trading in the New York Stock Exchange last month.1.Aviva Plc:
UK-based Aviva(AV) is engaged in the long-term savings, fund management and general insurance business. In the first half of this year, Aviva made £747M in profits. Lower earnings forced the company to cut its interim dividend by 31%. Last Friday, AV closed at $12.78.
Aviva's fund management unit manages £316 billion in assets. From the corporate web site:
"Aviva is the world’s fifth-largest insurance group and the largest insurance services provider in the UK. We have premium income and investment sales of £51.4 billion and £352 billion of funds under management. We have 54,000 employees serving over 50 million customers in 28 countries around the world." UK and Europe accounts for nearly 80% of total sales.
2.Banco Santander Brazil SA(BSBR):
The Brazilian unit of Banco Santander of Spain (STD) listed its shares on the Brazil and New York exchanges simultaneously on Oct 7th. In New York the company raised $8B. In Brazil, its IPO was the largest ever public offering in the country's history.
"At the end of June 2009, Santander Brasil Group, which includes the Santander and Real banks, had R$ 288.8 billion in total assets, R$ 177.9 billion in total deposits, more than 21 million clients and a network of 3,612 points of sale, including branches and service centers." BSBR's operations are concentrated in South and Southeast of Brazil which account for about 73% of the country's GDP. The stock closed at $11.86 on Oct 20th.
The other two Brazilian bank ADRs that trade in the NYSE are Banco Bradesco (BBD) and Itau Unibanco Banco Holding SA (ITUB).
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