The Bank of New York Appointed by China Everbright Bank as Global Custodian
NEW YORK, June 20, 2007 -- The Bank of New York, a global leader in securities servicing, has been appointed by China Everbright Bank as global custodian for its qualified domestic institutional investor (QDII) business in China. The Bank already provides China Everbright Bank with cash management and trade finance services and acts as custodian for its proprietary assets.
Chen Changhong, general manager of the fund custody department at China Everbright Bank, said, “The Bank of New York is a premier global custody and securities servicing institution, and we look forward to working with them to develop more opportunities in this important business segment.”
Chong Jin Leow, managing director and head of investor services in Asia at The Bank of New York, said, “As one of the world’s leading securities servicing providers, The Bank of New York is committed to servicing the growing China market and providing the products and services that meet the evolving needs of our clients. We look forward to further developing our relationship with one of China’s leading banks.”
Established in August of 1992, China Everbright Bank completed joint stock reform in January 1997, thus becoming the first domestic state-owned holding, nation-wide joint-stock commercial bank with equity investment from international financial institutions. As of year-end 2003, China Everbright Bank had over 400 banking offices in 36 major cities throughout 23 provinces, autonomous regions and city provinces throughout the country. More information about the company is available at www.cebbank.com.
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 been conducting 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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