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

New York (PROTEXT) - The Bank of New York announced today thatit has entered into a formal arrangement with its Hong Kongaffiliate, Wing Hang Bank Limited, whereby Wing Hang Bank willprovide back-up asset servicing to Hong Kong issuers ofstructured debt. The Bank of New York is a leading provider of trustee andagency services to issuers of asset-backed and other structureddebt financings around the world. As such, the Bank now offersnot only superior trustee services but also high-quality assetservicing capabilities, serving all corporate trust requirementsfor its clients in the Hong Kong market. Founded in 1937, Wing Hang Bank, Limited, has been affiliatedwith The Bank of New York since 1988, when The Bank of New Yorkacquired the Irving Trust Company. Wing Hang is a full servicecommercial bank with HK$48.8 billion in assets and 40 branchesthroughout Hong Kong and Macau and the People's Republic ofChina. Through its own commercial and retail activities, WingHang provides asset servicing for a HK$32 billion portfoliocomprising a variety of assets including mortgages, credit cardsand commercial loans. Mark F. Ferraris, senior vice president and division managerof The Bank of New York said, "We are excited about the prospectof offering our clients a single source for high-quality trusteeand asset processing services for structured finance products inHong Kong. Combining The Bank of New York's strong rating,product experience and financial stability with Wing Hang'ssuperior local market experience provides an excellentopportunity for the successful placement and management of HongKong securitizations. Our arrangement with Wing Hang Bank isadded confirmation of The Bank of New York's commitment tobringing additional value to our customers and their complextransactions." Frank Wang, executive director of Wing Hang Bank Limitedstated, "We welcome the opportunity to work with The Bank of NewYork and provide these valuable services to our Hong Kongclients." 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 Internet: http://www.newsaktuell.deContact: 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

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