BdB ADR Begins Trading

Banco do Brasil’s (BdB) ADR began trading OTC in the US Tuesday. Each ADR represents 1 ordinary BdB share, which trades on the Bovespa under the BBAS3 ticker. The state-owned Brazilian bank has hired BNY Mellon as its depositary institution for the listing. BdB is also studying a sale of shares to boost its float to 25% that could total up to BRL3.6bn, according to Itau Securities’ estimate.