The Hindu : Bank of New York's India plans

Online edition of India's National Newspaper
Friday, Sep 26, 2003

Business

Business

Bank of New York's India plans

By Our Special Correspondent

MUMBAI SEPT. 25. The Bank of New York is planning to enter areas of asset management, custody and pension fund servicing in India.

Through its recent acquisition of Pershing, the bank also operates a technology centre in Chennai that employees over 600 people and provides support for the bank's execution and clearing businesses around the world. The Bank of New York's Mumbai Representative Office was established in 1983.

The bank offers a wide variety of products and services to its clients in India and is a market leader in depositary receipts, global payments and trade finance businesses globally.

Alan R. Griffith, Vice Chairman and head of the international banking sector at The Bank of New York said here today that as the capital markets continue to evolve, "we will work with our clients and other financial institutions to help them expand their product offering through our global network and extensive securities servicing and execution capabilities.''

The bank has correspondent bank relationship with over 40 Indian banks and facilitated the first cross-border electronic payment solution for the non-resident Indian population of the U.S. The bank is now celebrating 20th anniversary of its presence in India.

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