The Bank of New York Expands Subcustodian Network Into Serbia
NEW YORK, July 6, 2006 -- The Bank of New York, a global leader in securities servicing, announced today that it has expanded its sub-custody network to 102 locations through the addition of Serbia. Bank Austria Creditanstalt AG, a member of the Unicredit Group (through its local Subsidiary in Serbia: HVB Bank Serbia & Montenegro JSB) will act as The Bank of New York's sub-custodian in Serbia, providing a comprehensive range of services for Serbian securities traded in the Serbian market.
"The custody market in Serbia has great potential," said Thomas Rosmanitz of Bank Austria Creditanstalt. "Since the opening of the local capital market, our bank has worked closely with the local authorities to define the role of intermediaries – in particular custodians and global custodians -- leading to the licensing of custody banks. We believe that our on-going efforts and partnership with clients such as The Bank of New York will lead to further development of the Serbian market."
Timothy Faselt, managing director of global network management at The Bank of New York, commented, "Extending our network into Serbia demonstrates the growing maturity of this market in particular and the Eastern European markets in general. Our expanding presence underscores our commitment to service the needs of financial institutions and foreign multinationals conducting business in this important region."
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 private banking. 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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