Bank Asya of Turkey announced that it has selected Bank of New York Mellon Corp. as the depositary bank for its American depositary receipt program.
Bank of New York Mellon called Bank Asya a "participation bank" that was established in accordance with the principles of interest-free banking and with an emphasis on product development.
Bank Asya, which has 120 domestic branches in Turkey, provides its individual, small-business, and corporate banking clients with commercial banking and financial products and services. It also offers an array of domestic and international trade finance services for its customers.
Bank of New York Mellon's depositary receipt business, which announced the Bank Asya partnership Monday, is conducted through its New York-based Bank of New York subsidiary, which acts as depositary for about 1,300 American and global depositary receipt programs in partnership with companies from 61 countries.
