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.