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The Bank of New York and Trust Company of Australia
Ltd.(Trust) have announced a definitive agreement to form a joint
venture that will provide securitization trustee and other
agency-related services to Australian-based issuers of debt. The new
company will leverage Trust's strong local infrastructure and market
presence and The Bank of New York's global experience and expertise in
providing a wide range of trustee and agency services.
The Bank of New York, a global leader in securities services and
the market leading trustee for new debt issues globally, already
provides securitization trustee and agency services to Australian
issuers for their offshore residential mortgage-backed securities
offerings. Trust is an Australian financial services firm specializing
in trustee and fiduciary services. Trust is Australia's largest
property and infrastructure custodian, and a leading player in the
securitization market.
The joint venture, which will be based in Sydney, will begin
operating on June 1, 2005.
Steven Hodgetts, managing director and head of the Global Trust
Services group for The Bank of New York, said, "This joint venture
presents The Bank of New York with a significant opportunity to expand
our footprint in Australia and to capitalize on the sizeable growth
potential in the securitization market across a variety of asset
classes. With Trust's excellent reputation in Australia and the
complementary nature of our two businesses, we are confident that the
joint venture will deliver a service offering that provides meaningful
value to issuers across the country."
Trust's managing director, Jonathan Sweeney, said the joint
venture will allow both parties to capture increased market share and
take advantage of the emerging asset classes in securitization.
"Trust is delighted to work with The Bank of New York as a way to
expand our business opportunities in Australia. With our established
client relationships and the Bank's global presence and IT systems, we
will offer a unique and powerful offering that will be highly
attractive to clients," Mr. Sweeney said.
About The Bank of New York
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.
About Trust Company of Australia Ltd
Trust Company of Australia Ltd (ASX: TRU) is a publicly listed
company established in 1885. Trust has offices in Sydney, Melbourne,
Brisbane and Townsville with over 320 employees and a market
capitalization in excess of A$290 million. Trust is a broad based
financial services organization offering a range of products and
services to both individual and corporate clients.
Trust's main business activities span property and infrastructure
custody, securitization, structured finance, estates and trusts,
financial and retirement planning, funds management superannuation and
charitable services. For further information on Trust go to
www.trust.com.au.