The Bank of New York Completes the Acquisition of Brussels Eurobond Paying Agency Business of Citibank

New York (PROTEXT) - The Bank of New York announced today thatit has completed its purchase of Citibank's Brussels EurobondPaying Agency (EPA) business. The transaction, originallyannounced in September 1999, involves the transfer of severalhundred paying agent, sub-paying agent and depositaryrelationships to the Bank. Terms were not disclosed. Following the Bank's recent announcement that it will acquirethe eurobond paying agency and depositary business of BarclaysBank plc, the acquisition of Citibank's Brussels EPA businessunderscores The Bank of New York's commitment to its trust andagency services. This expansion meets the debt servicing needs ofThe Bank of New York's growing global client base by offeringtrust and agency services targeted to Euroland investors. Mark Ferraris, senior vice president and division head for TheBank of New York Corporate Trust Services said, "We are pleasedto report that the conversion of the Citibank business has beencompleted on schedule and with no disruption in service to ournew clients." Thomas A. Renyi, chairman and chief executive officer of TheBank of New York said, "We expect to continue to augment thestrong growth of our core securities servicing businesses withstrategic acquisitions. We view these transactions asopportunities to enhance our capacity to support our clients'funding requirements in an increasingly sophisticated globalcapital market." The Bank of New York is a leading provider of corporate trustand agency services. The Bank administers a portfolio of morethan 70,000 trustee and agency appointments, representing morethan $700 billion in outstanding securities for nearly 30,000clients around the world. The Bank is a recognized leader fortrust services in several debt products including mortgage-backedbonds, asset-backed securities, corporate and municipal debt andderivative security services. The Bank of New York was founded in 1784 by Alexander Hamiltonand is the nation's oldest bank operating under its originalname. It is the principal subsidiary of The Bank of New YorkCompany, Inc. (NYSE: BK), one of the largest bank holdingcompanies in the United States. With over $63 billion in totalassets as of September 30, 1999, the Company provides a completerange of banking and other financial services to corporations andindividuals worldwide through its basic businesses: Securitiesand Cash Processing; Corporate Banking; Trust, InvestmentManagement and Private Banking; Retail Banking; and FinancialMarket Services. Additional information on the Company isavailable at http://www.bankofny.com. ots Original Text Service:The Bank of New York Internet: http://www.newsaktuell.deContact: Frank Scarangella, SVP, or Cary J. Giacalone, VP, (USA)212-635-1590; or Division Contact - Mark F. Ferraris, SVP, (USA)212-815-5203, all of Bank of New York Web site:http://www.bankofny.com

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