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 thatit is serving as Trustee, Paying Agent and Backup Servicer forthe HK$540 million AEON Credit Card Trust certificates due March2008. The floating rate asset-backed certificates are rated AAArby Standard & Poor's Corporation and Aaa by Moody's InvestorsService. The certificates are fully guaranteed by FinancialSecurity Assurance Inc. The financing, completed on August 27,1999, is the first securitization of its kind to close in HongKong since 1995. Parties to this unique transaction include AEON Credit Service(Asia) Company Ltd. as the originator and servicer; and CiticorpInternational, Ltd., as the arranger and transactionadministrator. The Bank of New York will serve in the integral roles of bondtrustee and backup servicer through a partnership with its HongKong affiliate bank, Wing Hang Bank Limited. Founded in 1937,Wing Hang Bank has branches in Hong Kong, Macau and the People'sRepublic of China and as of June 1999 has assets of HK$48.8billion. Wing Hang's experience in servicing its own portfolio ofHong Kong mortgages, credit cards, automobile receivables andcorporate loans underscores its ability to act on behalf of TheBank of New York. The Bank is a leading provider of trust and agency services toissuers of asset-backed, project finance and other structureddebt around the world. The Bank of New York has been retained toprovide trust and agency services for more than US$15 billion innew global placements within the past year alone. Staffed withstructured finance professionals in London, New York, Singaporeand the Cayman Islands, the Bank provides clients in more than 35countries with a unique combination of high-quality trustservices. Mark F. Ferraris, senior vice president and division head forCorporate Trust Services at The Bank of New York said, "We areexcited that AEON has chosen The Bank of New York to serve asbond trustee and backup servicer. We are also pleased to beworking with Wing Hang Bank, Citicorp and FSA on thistransaction. We are well positioned to offer other issuers thesame combination of experience, stability and local knowledge." 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: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

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