12/16/03
NEW YORK, N.Y., December 16, 2003 - The Bank of New York Company, Inc., through a subsidiary trust company, has signed a definitive agreement to acquire the corporate trust business of Bank of Hawaii.
The transaction involves the transfer of approximately 80 bond trust and agency agreements representing approximately $3 billion of principal debt outstanding to BNY Western Trust Company. The transaction is subject to regulatory approval and is expected to close in early 2004. Terms of the agreement were not disclosed. This transaction follows The Bank of New York’s November 24, 2003, announcement of its plans to acquire the corporate trust business of Fifth Third Bank.
George Fillion, executive vice president at Bank of Hawaii, said, "The Bank of New York is a well-respected provider of corporate trust services, and we are confident that our customers will continue to receive the high standard of service that they have come to expect. This sale allows us to focus on our core business lines of investment management, institutional and personal trust services, retail and commercial banking."
Karen B. Peetz, executive vice president at The Bank of New York, said, "This acquisition further underscores our commitment to the corporate trust business and expands our relationship with Bank of Hawaii. This book of business complements our presence in Hawaii and the western United States. We look forward to continuing the tradition of high quality customer service for which Bank of Hawaii is widely recognized."
For the first nine months of 2003, The Bank of New York was ranked as the leading overall trustee provider for issues new to the U.S. taxable and long-term municipal debt markets, according to data compiled by Thomson Financial. The Bank of New York’s top ranking was based on the amount of capital raised in the transactions in each of the two debt categories, which, on a combined basis, aggregated 1,076 issues, representing nearly $270 billion in principal, that were brought to market during this period.
Overall, The Bank of New York is one of the leading global providers of corporate trust and agency services. The Bank and its subsidiaries and affiliates administer a portfolio of more than 85,000 trustee and agency appointments, representing more than $1 trillion in outstanding securities for more than 30,000 clients around the world. The Bank is a recognized leader for trust services in several debt products, including mortgage-backed and asset-backed securities, corporate and municipal debt, derivative security services and international debt offerings.
Bank of Hawaii Corporation is a regional financial services company serving businesses, consumers and governments in Hawaii, American Samoa and the West Pacific. The company’s principal subsidiary, Bank of Hawaii, was founded in 1897 and, as stated by the company, is the largest independent financial institution in Hawaii. As of September 30, 2003, the company’s total assets were $9.4 billion.
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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