Cable & Wireless offers ADR mandate to JPM
JPMorgan has been appointed depositary bank by Cable and Wireless for its American Depositary Receipt (ADR) programme - one of the largest ADR mandates to be granted in Europe this year. JPMorgan, with 20 ADR clients in the UK, boasts over 40% of market capitalisation in the ADR sphere
"An increasing number of FTSE 100 companies are looking to us to take on their ADR programmes," comments Patrick Colle, global head of ADRs at JPMorgan Institutional Trust Services. "This is an exciting deal for us and testament to the overall quality of our ADR offering."
London-based Cable & Wireless is a leading international communications company and recently reported pre-tax profits of £317 million for the year to 31 March 2004; Cable & Wireless has had an ADR programme in place since 1989.