12/09/03
NEW YORK, N.Y. and SYDNEY, December 9, 2003 - Perpetual Corporate Trust, a division of Perpetual Trustees Australia Limited ("Perpetual"), and The Bank of New York today announced a strategic alliance to offer integrated global corporate trust solutions to Australian debt issuers.
Perpetual and The Bank of New York have a longstanding corporate trust relationship, with the Bank having acted as Perpetual’s offshore trustee for the majority of Perpetual’s global transactions. The alliance will establish closer ties between the two organizations and provide Perpetual’s clients with access to The Bank of New York’s global network, its array of services to the international capital markets, and technological capabilities. By partnering with Perpetual, The Bank of New York will enhance its presence throughout Australia and benefit from Perpetual’s strong brand, trusted reputation, and proven track record in the Australian market.
Mr. Phillip Vernon, group executive of Perpetual Corporate Trust, said that capital market clients will benefit greatly from accessing the combined strengths of the two organizations. "We have enjoyed a close relationship with The Bank of New York for many years and share a common philosophy toward the corporate trust business. We each have a business model of providing end-to-end administration and trust services to capital markets clients. The alliance provides us with a strong competitive advantage as it combines Perpetual’s Australian leadership position, local management, and decision making with the global scope, skills, and capabilities of The Bank of New York."
Mr. Steven Hodgetts, managing director of global trust services at The Bank of New York, said, "We look forward to working with Perpetual Corporate Trust to jointly provide solutions that will meet the requirements of corporate trust clients across Australia. This alliance creates a leading force in the Australian capital markets. We believe this type of alliance is going to be a growing trend in the corporate trust industry worldwide and fits well with our overall strategy of expanding our global business through similar alliances."
About Perpetual Corporate Trust
Perpetual offers corporate trust services to the securitization, structured finance, corporate debt, managed funds, and property markets. Based in Sydney, Perpetual has been providing investment fund and trust services within Australia for over 100 years. Listed on the Australian Stock Exchange Limited for 40 years, Perpetual conducts over 90 percent of its activities within Australia. It has over 800 employees and a market capitalization of more than $1.4 billion, as of August 31, 2003. Additional information on the company is available at http://www.perpetual.com.au/ctrust.
Contact:
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Phil Vernon |
Hayley Morris |
About The Bank of New York
The Bank of New York is a leading provider of corporate trust and agency services. Together with its subsidiaries, the Bank administers a portfolio of more than 85,000 trustee and agency appointments, representing more than $1 trillion in outstanding securities for nearly 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.
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 http://www.bankofny.com/.
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