Brazil’s Daycoval Plans ADRs

The board of Brazil’s Banco Daycoval has approved a listing of ADRs in New York. The mid-size bank, which did not unveil a timetable for the operation, expects an increase in the liquidity of its existing shares with the operation. Two Daycoval preferred shares will represent each ADR. In June 2007, Daycoval raised BRL1.1bn in a Bovespa IPO.