The Bank of New York Mellon has been selected by Bank Asya as the depositary bank for its American depositary receipt (ADR) program.
Each Bank Asya ADR represents two ordinary shares. The ADRs trade on the over-the-counter market under the symbol “ASYKY.” Bank Asya’s ordinary shares trade on the Istanbul Stock Exchange.
Based in Turkey, Bank Asya is a “participation bank” established in accordance with the principles ofinterest-free banking and with an emphasis on product development. Bank Asya has 120 domestic branches and provides its individual, small business, and corporate banking clients with commercial banking and financial services.
The company also provides domestic and international trade finance activities. In addition, Bank Asya provides Internet banking, telephone banking and ATM and POS terminals and is the first participation bank in Turkey to receive the ISO 9001 Quality Management System Certification.
“After careful consideration, we selected The Bank of New York Mellon as depositary because of its broad experience and leading market share of DR programs from Turkey. We are confident the Bank has the resources to help us effectively reach U.S. investors and generate demand for our DRs,” says Unal Kabaca, president and CEO, Bank Aysa.
“We are delighted to be working with Bank Asya and look forward to helping Bank Asya broaden its U.S. shareholder base,” adds Christopher Sturdy, executive vece president and head of The Bank of New York Mellon’s Depositary Receipt Division.