Nordea and The Bank of New York Appointed by Swedish AP7 Pension Fund as Global Custodian
First win following announcement of strategic agreement to provide global custody in Nordic region
LONDON, November 23, 2005 -- Nordea, the leading financial services provider in the Nordic region, and The Bank of New York, a global leader in securities servicing, have been appointed global custodian for the
Nordea and The Bank of New York were joint bidders for the mandate, which represents the first win following their strategic agreement announced in
Peter Norman, executive president of AP7 commented, "We selected Nordea and The Bank of New York because we were very impressed by the joint offering that they presented. We have a need for a robust global custody solution to address the needs of the fund and we are confident that their appointment gives us this."
Tim Keaney, Head of Europe at The Bank of New York, continued, "Our appointment with Nordea by AP7 pension fund, a big name in this sector, is testimony to the strength of our joint global custody offering in the region. Through our relationship with Nordea, we now have a compelling, robust securities servicing solution to offer customers, and a growing commitment to the Nordic market."
Birger Gezelius, Head of Nordea's Financial Institutions Division, said, "The market in our region is changing and becoming much more transparent. The enhanced offering that we can provide our clients through the partnership with The Bank of New York recognises and addresses this. I am delighted that we have won this important mandate with AP7 and am pleased with the confidence that they have shown in our new approach to the market."
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.
Nordea is the leading financial services group in the Nordic and Baltic Sea region and operates through three business areas: Retail Banking, Corporate and Institutional Banking and Asset Management & Life. The Nordea Group has almost 11 million Nordic customers and 1,150 branch offices. The Nordea Group is a world leader in Internet banking, with 4.1 million e-customers. The Nordea share is listed in Stockholm, Helsinki and Copenhagen. www.nordea.com
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