The Bank of New York Announces Strategic Alliance with Wing Hang Bank Limited

New York (PROTEXT) - The Bank of New York announced today that it has entered into a formal arrangement with its Hong Kong affiliate, Wing Hang Bank Limited, whereby Wing Hang Bank will provide back-up asset servicing to Hong Kong issuers of structured debt. The Bank of New York is a leading provider of trustee and agency services to issuers of asset-backed and other structured debt financings around the world. As such, the Bank now offers not only superior trustee services but also high-quality asset servicing capabilities, serving all corporate trust requirements for its clients in the Hong Kong market. Founded in 1937, Wing Hang Bank, Limited, has been affiliated with The Bank of New York since 1988, when The Bank of New York acquired the Irving Trust Company. Wing Hang is a full service commercial bank with HK$48.8 billion in assets and 40 branches throughout Hong Kong and Macau and the People's Republic of China. Through its own commercial and retail activities, Wing Hang provides asset servicing for a HK$32 billion portfolio comprising a variety of assets including mortgages, credit cards and commercial loans. Mark F. Ferraris, senior vice president and division manager of The Bank of New York said, "We are excited about the prospect of offering our clients a single source for high-quality trustee and asset processing services for structured finance products in Hong Kong. Combining The Bank of New York's strong rating, product experience and financial stability with Wing Hang's superior local market experience provides an excellent opportunity for the successful placement and management of Hong Kong securitizations. Our arrangement with Wing Hang Bank is added confirmation of The Bank of New York's commitment to bringing additional value to our customers and their complex transactions." Frank Wang, executive director of Wing Hang Bank Limited stated, "We welcome the opportunity to work with The Bank of New York and provide these valuable services to our Hong Kong clients." 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 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 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