Taiwan-based telecommunications company Chunghwa Telecom (CHT) has reappointed JP Morgan as its depositary bank.

CHT provides fixed line services, mobile services and internet services to residential and business customers in Taiwan.

According to the JP Morgan, CHT runs one of the largest Asia Pacific’s American Depositary Receipt (ADR) programs on the New York Stock Exchange at approximately $2.4bn.

CHT CFO Shu Yeh said that in JP Morgan, it has found a strategic partner that can deliver advice at a global level and support their recommendations through an experienced team of DR professionals around the world.

JP Morgan Depositary Receipts Group Asia Pacific head Kenneth Tse said CHT is one of the region’s leading telecommunications companies, running one of the largest ADR programs in Asia Pacific.

"We are delighted to have played an important role in supporting their growth, and we’re ready to join them on the next stage of their journey," Tse said.