The Bank of New York Appointed by Shanghai Pudong Development Bank as Global Custodian
NEW YORK, June 12, 2007 -- The Bank of New York, a global leader in securities servicing, has been appointed by Shanghai Pudong Development Bank (SPDB) as global custodian for its qualified domestic institutional investor (QDII) business in China.
Challenge Liu, general manager of custody services at SPDB, said, “The QDII investment channel represents a major opportunity for our bank, so we searched for a partner to provide the support and expertise that may help us in our efforts to grow this business. With its global leadership position in the custody industry, The Bank of New York has a highly qualified team of professionals and proven track record to serve our needs.”
Chong Jin Leow, managing director and head of investor services in Asia at The Bank of New York, said, “QDII will create many opportunities for Shanghai Pudong Development Bank and other Chinese institutions. We have the global infrastructure and expertise to deliver the securities servicing required and look forward to working with Shanghai Pudong Development Bank as it pursues its business objectives.”
Shanghai Pudong Development Bank, which was incorporated in 1993 with the approval of the People’s Bank of China and listed on the Shanghai Stock Exchange in November 1999, is a nationwide joint-stock commercial bank with its headquarters located in Shanghai. More information about the company is available at www.spdb.com.cn.
The Bank of New York is one of the world’s leading custodians with more than $13 trillion in assets under custody and administration. It has conducted business in the Asia-Pacific region for over 50 years and currently has 18 offices in 12 countries in the region.
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 wealth management. 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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