11/04/03
NEW YORK, N.Y., November 4, 2003 - The Bank of New York announced today that it has been selected by Banco de Credito del Peru (BCP) to provide global custody services. The Bank will act as global custodian for $500 million in international assets currently being held by BCP and its clients and will provide custody outsourcing services to BCP’s clients in Peru.
Jose Manuel Peschiera, vice president and head of custody and trust services at Banco de Credito del Peru, said, "We have had a commercial banking relationship with The Bank of New York since 1914 and are pleased to be expanding our long-standing relationship. We selected the Bank as our provider because it can offer timely access to the U.S., European, and Latin American markets, as well as efficient settlement and processing of our transactions."
Javier de Ussel, managing director and head of The Bank of New York’s Latin America Division, said, "We are very pleased that Banco de Credito del Peru has selected us as its global custody provider. We were able to offer them a personalized custody solution that will address their needs, as well as the needs of their clients. In addition, BCP will use INFORM, our internet execution and management reporting application, to track and monitor their transactions in real-time. We look forward to offering BCP access to our extensive global network, innovative technology, and high-quality customer service."
According to the company, Banco de Credito del Peru is a financial services provider with $7.1 billion in assets and $2.5 billion in assets under management as of December 31, 2002. BCP has been in the Peruvian market since 1889 and has been a custodian in the local market since 1993. Its suite of products includes corporate and retail banking, brokerage, leasing, and middle market services.
The Bank of New York’s Latin America division provides financial institutions in Latin America with integrated solutions that add value to their investment process. Services offered include custody, cash management, foreign exchange, securities lending, trustee services, trade finance, asset management, and fixed income and equity trade execution.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in securities servicing for issuers, investors and financial intermediaries. The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global corporations, financial institutions, asset managers, governments, non-profit organizations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com.
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