BNY Mellon Selected as Depositary Bank by OAO TMK for its OTCQX-Traded Depositary Receipt Program

NEW YORK, March 24 /PRNewswire-FirstCall/ -- BNY Mellon, the global leader in asset management and securities servicing, has been selected by OAO TMK (TMK) as the depositary bank for its upgraded sponsored American depositary receipt (ADR) program which trades on the OTCQX trading platform.  Each TMK ADR represents four ordinary shares and trades in the U.S. under the symbol "TMKXY."

TMK is a leading manufacturer and supplier of steel pipes for the oil and gas industry.  The company operates 21 production sites in Russia, the United States, Romania, and Kazakhstan, with aggregate annual production capacity of over six million tonnes, including over two million tonnes of oil country tubular goods (OCTG) capacity.  TMK has a strong international presence and delivers its products to customers in more than 65 countries.

"As we increase our international profile by upgrading our existing over-the-counter DR program to the OTCQX trading platform, we are confident that BNY Mellon will offer the necessary value-added support," said Vladimir Shmatovich, TMK senior vice president for Strategy and Business Development.  "TMK believes BNY Mellon's track record in Russia will continue to assist in gaining visibility among U.S. investors."

"As the third Russian company to trade their DRs on OTCQX, we believe TMK's decision is well-timed and will bring enhanced exposure to the company's profile," said Michael Cole-Fontayn, chief executive officer of BNY Mellon's Depositary Receipts business.  "TMK is a global company and we look forward to continuing to help them elevate their global brand awareness through this newly enhanced DR program."

BNY Mellon acts as depositary for more than 2,100 American and global depositary receipt programs, acting in partnership with leading companies from 67 countries. With an unrivaled commitment to helping securities issuers succeed in the world's rapidly evolving financial markets, the company delivers the industry's most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Learn more at www.bnymellon.com/dr.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.3 trillion in assets under custody and administration, $1.1 trillion in assets under management, services $12 trillion in outstanding debt, and processes global payments averaging $1.6 trillion per day. Learn more at bnymellon.com.

This release is for informational purposes only. BNY Mellon provides no advice nor recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities. Depositary Receipts: Not FDIC, State or Federal Agency Insured; May Lose Value; No Bank, State or Federal Agency Guarantee.

SOURCE BNY Mellon

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED