London, 24 February 2005 - JPMorgan today announced that it has been appointed successor depositary bank by Rio Tinto plc for its NYSE listed American Depositary Receipt (ADR) programme. One of the largest ADR mandates in the FTSE 100, the programme went live with JPMorgan on 23 February 2005.
Rio Tinto is the second largest mining group in the world, with about 10% of its share capital traded in ADR form.
JPMorgan is a market leader in the depositary receipt business, with over 40% of the ADR market's capitalisation and 30 ADR clients in the UK.
"The level of U.S. investment in equity abroad is at an all time high of USD 2.1 trillion, and the appetite for foreign equity continues to be strong. We are delighted to have been chosen as ADR depositary for Rio Tinto plc and we look forward to assisting the company in raising its profile and liquidity in the U.S. market," said Patrick Colle, global head of ADRs at JPMorgan.