The Bank of New York Announces Appointment as Trustee and Backup Servicer for HK$540mm Aeon Credit Card Trust

New York (PROTEXT) - The Bank of New York announced today that it is serving as Trustee, Paying Agent and Backup Servicer for the HK$540 million AEON Credit Card Trust certificates due March 2008. The floating rate asset-backed certificates are rated AAAr by Standard & Poor's Corporation and Aaa by Moody's Investors Service. The certificates are fully guaranteed by Financial Security Assurance Inc. The financing, completed on August 27, 1999, is the first securitization of its kind to close in Hong Kong since 1995. Parties to this unique transaction include AEON Credit Service (Asia) Company Ltd. as the originator and servicer; and Citicorp International, Ltd., as the arranger and transaction administrator. The Bank of New York will serve in the integral roles of bond trustee and backup servicer through a partnership with its Hong Kong affiliate bank, Wing Hang Bank Limited. Founded in 1937, Wing Hang Bank has branches in Hong Kong, Macau and the People's Republic of China and as of June 1999 has assets of HK$48.8 billion. Wing Hang's experience in servicing its own portfolio of Hong Kong mortgages, credit cards, automobile receivables and corporate loans underscores its ability to act on behalf of The Bank of New York. The Bank is a leading provider of trust and agency services to issuers of asset-backed, project finance and other structured debt around the world. The Bank of New York has been retained to provide trust and agency services for more than US$15 billion in new global placements within the past year alone. Staffed with structured finance professionals in London, New York, Singapore and the Cayman Islands, the Bank provides clients in more than 35 countries with a unique combination of high-quality trust services. Mark F. Ferraris, senior vice president and division head for Corporate Trust Services at The Bank of New York said, "We are excited that AEON has chosen The Bank of New York to serve as bond trustee and backup servicer. We are also pleased to be working with Wing Hang Bank, Citicorp and FSA on this transaction. We are well positioned to offer other issuers the same combination of experience, stability and local knowledge." 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: Bank of New York 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 Subscribers please note that material bearing the slug "PROTEXT" is not part of CTK's news service and is not to be published under the "CTK" slug. Protext is a commercial service providing distribution of press releases from clients, who are identified in the text of Protext reports and who bear full responsibility for their contents. PROTEXT