The Bank of New York Completes the Acquisition of Brussels Eurobond Paying Agency Business of Citibank

New York (PROTEXT) - The Bank of New York announced today that it has completed its purchase of Citibank's Brussels Eurobond Paying Agency (EPA) business. The transaction, originally announced in September 1999, involves the transfer of several hundred paying agent, sub-paying agent and depositary relationships to the Bank. Terms were not disclosed. Following the Bank's recent announcement that it will acquire the eurobond paying agency and depositary business of Barclays Bank plc, the acquisition of Citibank's Brussels EPA business underscores The Bank of New York's commitment to its trust and agency services. This expansion meets the debt servicing needs of The Bank of New York's growing global client base by offering trust and agency services targeted to Euroland investors. Mark Ferraris, senior vice president and division head for The Bank of New York Corporate Trust Services said, "We are pleased to report that the conversion of the Citibank business has been completed on schedule and with no disruption in service to our new clients." Thomas A. Renyi, chairman and chief executive officer of The Bank of New York said, "We expect to continue to augment the strong growth of our core securities servicing businesses with strategic acquisitions. We view these transactions as opportunities to enhance our capacity to support our clients' funding requirements in an increasingly sophisticated global capital market." The Bank of New York is a leading provider of corporate trust and agency services. The Bank administers a portfolio of more than 70,000 trustee and agency appointments, representing more than $700 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 $63 billion in total assets as of September 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