Bank of N.Y. to issue ADRs for Banpais.

NEW YORK -- Bank of New York said it has been selected to issue American depositary receipts for Banpais of Mexico City.

The Mexican institution is raising $121 million through the issuance of 10.3 million ADRs.

Banpais ranks seventh among Mexican banks in loans, and it is part of a group that also engages in insurance, securities brokerage, factoring, bonding, and leasing.

Bank of New York issues depositary receipts for more than 700 non-U.S. companies in 38 countries.

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