10/22/03
LONDON AND NEW YORK, October 22, 2003 - The Bank of New York announced today that it has been appointed by Co-operative Insurance Society (CIS), the UK life and general insurer and investment provider, for its US$4.3 billion global custody mandate for all of CIS’s non-UK assets, which are invested in up to 20 stock markets worldwide.
Phil Evans, head of securities processing at Co-operative Insurance, said, "After a wide ranging review of the global custody market, we awarded the mandate to The Bank of New York because they understood exactly what we needed and offered us a complete service on competitive terms. The Bank’s depth of experience in world markets provides us with an efficient global custody service, and its relationship management team has an in-depth understanding of the UK insurance industry."
Jeff Tessler, executive vice president and general manager of Europe at The Bank of New York, said, "CIS is one of the UK’s leading insurers with over 5 million customers, so we’re delighted that it has chosen The Bank of New York for its global custody mandate. This appointment demonstrates the breadth and depth of service that we are able to provide our clients across the world."
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.
| « Back to Press Releases |
