The Bank of New York Expands in Asia with the Opening of a Kuala Lumpur Office
NEW YORK, September 14, 2005 - The Bank of New York, a global leader in securities servicing, is expanding its presence in Asia with the opening of a representative office in Kuala Lumpur. The office will meet the increasingly complex needs of the Bank’s growing Malaysian client base by promoting a variety of products and services, including depositary receipts, custody, transition management, commission recapture, global payments, funds transfer, trade services, execution and clearing. It will not be a deposit-taking or banking office.
To commemorate the opening of the office, Gerald L. Hassell, president of The Bank of New York, will host a reception on September 15, 2005, in Kuala Lumpur for Malaysian government and business officials and Bank clients. Mr. Hassell said, "The opening of our Kuala Lumpur office underscores our long-standing commitment to the Asia-Pacific region and will enable us to both enhance relationships with our current clients and Malaysian government agencies and forge important new ones in this key market. This is a great time to be in Malaysia, and we are excited about the opportunity to contribute to the ongoing transformation of the local financial marketplace."
Alvin Kwan has been appointed as chief representative of the Kuala Lumpur representative office. A native of Malaysia with more than 16 years of experience in the banking and capital markets industries, Mr. Kwan has been a vice president and Malaysian Specialist in Singapore since joining the Bank in 2004. Before that, he served as a director on the boards of both the Bursa Malaysian Derivatives and Bursa Malaysia Derivatives Clearing Berhad and managed a foreign joint-venture brokerage firm.
Kenneth A. Lopian, executive vice president and Head of The Bank of New York's Asia-Pacific Division, said, "Although our Kuala Lumpur office is new, we are not newcomers here. The Bank of New York has been serving clients in Malaysia for more than four decades. Malaysia is one of the world’s most open economies, and our new office will enable us to meet the growing securities servicing needs of our clients. We have a strong team in place that will offer institutions a true partner, work in a cooperative spirit with government and business officials, and help clients unlock the full potential of their assets."
The Bank of New York has been conducting business in the Asia-Pacific region for over 50 years. The Company has 17 offices in 12 countries in the region, including full-service branches in Shanghai, Tokyo, Hong Kong, Singapore, Seoul, and Taipei, and employs over 1,500 staff.
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.
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