Bank of New York to launch asset management biz in India

Friday, 26 September 2003, 07:00 Hrs
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NEW DELHI: The Bank of New York, one of the leading financial services companies in the U.S., said Thursday it would expand its operations in India to include asset management and pension fund businesses.

"The Bank of New York's business with Indian companies has grown tremendously over the past 20 years," said Kenneth A. Lopian, executive vice president and head (Asia Pacific Division) of the Bank of New York.

"We are planning to expand our suite of products and services to include asset management, custody and pension fund servicing," said Lopian in a statement issued here.

The Bank of New York, celebrating 20 years in India, started services in the Indian market with the setting up of a representative office in Mumbai in 1983. It operates under license from the Reserve Bank of India.

The bank also operates a technology centre in Chennai that employs over 600 people and provides support for its execution and clearing businesses around the world, said the company statement.

The Bank of New York offers a wide variety of products and services to its clients in India. It is a major player in the depository receipts, global payments and industry finance businesses.

Lopian said that the Indian economy was "fundamentally strong" and poised for continued growth. "We look forward to partnering with our clients to be drivers of that growth."

Alan Griffith, vice chairman and head (international banking sector) of the Bank of New York, said the bank would continue to offer innovative products and services to the Indian market.

"As the capital market continues to evolve, we will work with our clients and other financial institutions to help them expand their product offerings through our global network and extensive securities servicing and execution capabilities."

Source: IANS
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