The Bank of New York Acquires the Eurobond Paying Agency Business of Citibank

it has signed a definitive agreement to acquire Citibank's Brussels Eurobond Paying Agency (EPA) business. The transaction is expected to be completed in October 1999. Terms were not disclosed. EPA provides sub-paying agency and depositary services in Brussels to international financial institutions. Citibank purchased the EPA business in 1998. Mark Ferraris, senior vice president and division head for Corporate Trust Services at The Bank of New York said, "Our acquisition of this EPA business complements our continuing strategy. This platform will further broaden the range of our trust-related services for our clients in Europe. We look forward to offering our new clients the highest level of quality services." Thomas A. Renyi, chairman and chief executive officer of The Bank of New York said, "We are committed to the continued growth of our securities servicing and processing businesses. This transaction fills an important niche in our strategy to expand our services to the Euromarket." The Bank of New York is a leading provider of corporate trust and agency services. The Bank administers a portfolio of more than 67,000 trustee and agency appointments, representing more than $650 billion in outstanding securities for nearly 30,000 clients around the world. The Bank is a recognized leader for trust services in several debt products including mortgage-backed bonds, asset-backed securities, corporate and municipal debt and derivative security services. The Bank of New York was founded in 1784 by Alexander Hamilton and is the nation's oldest bank operating under its original name. It is the principal subsidiary of The Bank of New York Company, Inc. (NYSE: BK), one of the largest bank holding companies in the United States. With over $67 billion in total assets as of June 30, 1999, the Company provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses: Securities and Cash Processing; Corporate Banking; Trust, Investment Management and Private Banking; Retail Banking; and Financial Market Services. Additional information on the Company is available at http://www.bankofny.com. ots Original Text Service: The Bank of New York Company, Inc. Internet: http://www.newsaktuell.de Contact: Frank Scarangella, SVP, or Cary J. Giacalone, VP (USA) 212-635-1590, or Division Contact, Mark F. Ferraris, SVP (USA) 212-815-5203, all of The Bank of New York Web site: http://www.bankofny.com

Keywords PROTEXT-The Bank of New York Company, Inc.

Region
USA, Canada, U.N.

Category
Finance, economics

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