The Bank of New York Appointed by TVM Verzekeringen as Global Custodian
LONDON, April 4, 2007 -- The Bank of New York, a global leader in securities servicing, has been appointed by leading Dutch transport insurance company TVM Verzekeringen (TVM Insurance) as its global custodian. The Bank will hold over €300 million in assets from TVM's insurance companies and the related pension fund.
Dirk Jan Klein Essink, CFO, TVM Insurance, said, "We wanted to consolidate our custody needs with one high quality provider and The Bank of New York demonstrated that it was capable of understanding our specific needs. We will benefit from significant economies of scale and are looking forward to working with the bank to further optimize our asset servicing requirements."
Clive Gande, managing director, The Bank of New York, said, "This prestigious Dutch win shows how we are able to meet the demands of our clients. This also underscores our continuing commitment to growing our share of the custody market in continental Europe and particularly in The Netherlands."
TVM Verzekeringen is an internationally operating, independent direct writing insurance company specialized in insurances for the professional road transport sector. TVM Verzekeringen was founded in 1962. The group has offices in The Netherlands, Denmark and Belgium and is the largest transport insurer in the Benelux. Additional information is available at www.tvm.nl.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and private banking. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
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