The Bank of New York Mellon (BNYM) has been selected by Monterrey, Mexico-based Grupo Financiero Banorte, SAB de CV (GFB) as the depositary bank for its American depositary receipt (ADR) program.

The bank acts as depositary for more than 2,100 American and global depositary receipt programs, acting in partnership with leading companies from 67 countries. Don Roberto Gonzalez Barrera, Chairman of the board of GFB, said: “We selected The Bank of New York Mellon as depositary because of its proven track record. We seek to maximize US investor interest in our program, and we believe the bank has the resources and expertise necessary to help us achieve that goal.”

Michael Cole-Fontayn, CEO of BNYM’s Depositary Receipt Division, said: “We look forward to helping Grupo Financiero Banorte unlock the potential of the US capital markets. The Bank of New York Mellon will utilise its resources to develop a long and mutually beneficial partnership with Grupo Financiero Banorte and its investors.”

The Bank of New York Mellon operates in 34 countries, serving more than 100 markets.

Grupo Financiero Banorte is a financial group that provides a range of products and services through its banking unit, broker-dealer, insurance, retirement savings funds, mutual funds, and annuities’ company.