The Bank of New York Expands Sub-Custodian Network into Kuwait and Saudi Arabia
NEW YORK, June 25, 2007 -- The Bank of New York, a global leader in securities servicing, announced today that it has expanded its sub-custody network to 105 locations through the addition of Kuwait and Saudi Arabia. HSBC Bank Middle East Limited (Kuwait Branch) and The Saudi British Bank (Saudi Arabia) will act as The Bank of New York’s sub-custodians in these countries, providing a comprehensive range of services for Kuwaiti and Saudi securities traded in these markets.
“The custody market in Kuwait and Saudi Arabia has great potential” said Kevin Smith, managing director of global network management at The Bank of New York. “Extending our network into these countries demonstrates the increased activity of the Middle Eastern region, and its importance as an emerging financial center. Our expanding presence underscores our commitment to service the needs of financial institutions and foreign multinationals conducting business in this important region.”
“We are delighted that The Bank of New York has appointed HSBC as its sub-custodian in Kuwait and Saudi Arabia, two increasingly important markets in the growing Middle East region. This appointment further strengthens our long term relationship, and we look forward to working together to help The Bank of New York service the needs of its clients,” said James Hogan, global head of custody and clearing at HSBC Securities Services.
Through its global network, The Bank of New York provides a full range of international banking and securities services, including funds transfer, trade finance, custody, global depositary receipts, securities lending, and investment management.
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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