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

it has signed a definitive agreement to acquire Citibank'sBrussels Eurobond Paying Agency (EPA) business. The transactionis expected to be completed in October 1999. Terms were notdisclosed. EPA provides sub-paying agency and depositary services inBrussels to international financial institutions. Citibankpurchased the EPA business in 1998. Mark Ferraris, senior vice president and division head forCorporate Trust Services at The Bank of New York said, "Ouracquisition of this EPA business complements our continuingstrategy. This platform will further broaden the range of ourtrust-related services for our clients in Europe. We look forwardto offering our new clients the highest level of qualityservices." Thomas A. Renyi, chairman and chief executive officer of TheBank of New York said, "We are committed to the continued growthof our securities servicing and processing businesses. Thistransaction fills an important niche in our strategy to expandour services to the Euromarket." The Bank of New York is a leading provider of corporate trustand agency services. The Bank administers a portfolio of morethan 67,000 trustee and agency appointments, representing morethan $650 billion in outstanding securities for nearly 30,000clients around the world. The Bank is a recognized leader fortrust services in several debt products including mortgage-backedbonds, asset-backed securities, corporate and municipal debt andderivative security services. The Bank of New York was founded in 1784 by Alexander Hamiltonand is the nation's oldest bank operating under its originalname. It is the principal subsidiary of The Bank of New YorkCompany, Inc. (NYSE: BK), one of the largest bank holdingcompanies in the United States. With over $67 billion in totalassets as of June 30, 1999, the Company provides a complete rangeof banking and other financial services to corporations andindividuals worldwide through its basic businesses: Securitiesand Cash Processing; Corporate Banking; Trust, InvestmentManagement and Private Banking; Retail Banking; and FinancialMarket Services. Additional information on the Company isavailable 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, orCary J. Giacalone, VP (USA) 212-635-1590, or Division Contact,Mark F. Ferraris, SVP (USA) 212-815-5203, all of The Bank of NewYork Web site: http://www.bankofny.com

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