Bank of New York Mellon has picked up a key mandate, having been appointed by the Commonwealth Bank (CBA) as the depository bank for its American Depositary Receipt (ADR) program.
The mandate follows on from BNY Mellon’s long-standing relationship with CBA, where it has acted as depositary for the bank’s 144A Depositary Receipt program, which makes available restricted securities to qualified institutional buyers.
The CBA ADRs represent one ordinary share and trade on the over-the-counter market.
