The Bank of New York Announces Strategic Arrangement with IL&FS Trust Company Limited, India to Provide Corporate Trust Services to Indian Issuers
NEW YORK and MUMBAI, INDIA, August 25, 2005 - The Bank of New York, a global leader in securities servicing, and IL&FS Trust Company Limited (ITCL), a leading provider of trust and fiduciary services in India, today announced an arrangement to offer corporate trust and agency solutions to Indian issuers accessing the domestic and offshore capital markets.
The arrangement between the two organizations will provide Indian issuers with access to The Bank of New York’s global network, comprehensive array of services to the international capital markets, and leading-edge technology capabilities. At the same time, the arrangement will leverage ITCL’s strong brand, trusted reputation, and proven track record in the provision of local trust and fiduciary services to the Indian market. Under the arrangement, ITCL will perform corporate trust services in India, and The Bank of New York will provide off-shore services.
S. Sivaramakrishnan, chief executive officer of IL&FS Trust Company Limited, said, "Over the past three years, ITCL has built a leadership position in the emerging debt trusteeship market in India, specifically within the structured finance market, including securitization. Our arrangement will combine ITCL’s strong institutional relationship and knowledge of local fiduciary markets with the global skills and capabilities of The Bank of New York to provide effective fiduciary solutions in the Indian market. ITCL will be specifically able to leverage the technical strengths and rich experience of The Bank of New York in the areas of investor reporting, asset servicing, and structuring, among others."
Steven Hodgetts, managing director and Head of global trust services at The Bank of New York, said, "This arrangement allows The Bank of New York to capitalize on the significant growth potential in India. Both ITCL and The Bank of New York have a reputation for delivering innovative and customized service solutions, and I am confident that our two organizations will offer a unique and valuable corporate trust resource to Indian issuers."
ITCL, a subsidiary of Infrastructure Leasing & Financial Services Limited, offers a diverse range of trust and fiduciary services and related value-added paralegal services to Indian and global clients.
The Bank of New York is a leading provider of corporate trust and agency services. The Bank and its subsidiaries and affiliates administer a portfolio of more than 90,000 trustee and agency appointments, representing $3 trillion in outstanding securities for more than 30,000 clients around the world. The Bank is a recognized leader for trust services in several debt products, including corporate and municipal debt, mortgage-backed and asset-backed securities, derivative securities services and international debt offerings.
The Bank of New York has been providing high quality customer service and pioneering technology to financial institutions in India for over 20 years. Since the founding of its representative office in Mumbai in 1983, the Bank has offered a wide variety of financial products and services, including depositary receipts, trade finance and global payments.
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, investment management, and individual & regional banking services. 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.
This announcement is not an offer to sell or a solicitation of an offer to buy any securities. The offering is made only by means of the prospectus.
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